From what I hear, it's quite the hot market in Chicago and you may end up spending a significant chunk of time so you may only have to find a subletter or you may just have to eat it for a bit.

Not sure how you manage to do both.I realize now that I may not be able to have my hypothetical cake and ethically eat it too.

. - Repairs: needs new carpet and fresh paint. - Lot rent: $1073 - With utilities bills come out to: $1225 (this is in the middle of the summer)- Lot rent has been paid until the end of the month.

My rentals are in Southern NH so although I have no specific knowledge of Central Maine, I know enough about Maine to understand there is a culture difference.I would try this: next time you have a vacancy, place an ad on Craigslist (you'll have to repost with a different title every few days to keep it fresh) and place an ad in your local paper or free classified Pennysaver type of paper.

You will have repair costs, and they can eat you alive.

My fear is that I will need to put more money into the house (i.e. water heater, furnace/ac, etc) that will eat up any kind of profit that I might have.So, finally, a couple of questions.

However, paying for heating and those crazy property taxes would eat most/all of that up in your case.The tax situation would make me think twice about investing in 4plexes in your area, period.

I'm having a hard time deciding if this guy is overpriced or appropriately priced.It looks like he's selling very close to his comps - but you are getting a freshly rehabbed property.

However, it does not HURT to incorporate features to a house that provide good FS...As long as it does not eat your budget and is relatively inexpensive of course.

What I have concluded that makes the difference is a combination of buying at a great discount AND that your rehab leaves the home looking "fresh" and "modern" so that your home is the best looking one in the area it sits.