You should see if the seller will lower the price.....THEN when you close on it see if you can raise rents.Just because it was built in 1989 you never should "skip over" fees such asProp Mgmtvacancy  (Yes it is occupied now but it won't always be)insurancerepairscapexof course debt service (mortgage)lawncare, cleaning and maintenance (Different from repairs)trashDo your tenants pay for water and sewer? 

Am working to line up a lot of work--roofing, foundation, painting, tiling, flooring, electrical, landscaping, etc.

held it while it appreciated, then rehabbed: paint and flooring What was the outcome?

I do the flooring myself.

I replaced the hardware in shower, did touch up paint, and a deep cleaning then sold it in less than 45 days for a profit to the IRA.

cleaned and placed tenant What was the outcome?

cleaned and placed tenant What was the outcome?

I replaced the hardware in shower, did touch up paint, and a deep cleaning then sold it in less than 45 days for a profit to the IRA.

Purchase price: $45,000 Cash invested: $46,100 Sale price: $65,000 We cleaned the carpets and relisted it.

Otherwise, for both units, its pretty much new flooring throughout, new kitchen, new bathroom, outside paint job, and restoring porches on both levels.