If you were standing in front of it you'd probably just think to yourself, "Wow, this house has a big side yard!"

Which means you can assume that in the event of another downturn (not to sound negative, it probably wouldn't be as bad as the last).

The current Owner probably has no legal status to make a verbal promise to the tenants without your knowledge of it beforehand. 

You could probably steal THAT part of the idea and apply it elsewhere.

A 3/2 or even 3/1 on the other hand should rent at $1250 - $1400 all day long.You can probably find comps to support the $120k price and if the home is nicely renovated it may actually sell for that much, but I believe most 2/1 homes selling at this price are the ones selling to owner occupants, such as parents buying a home for Jr to live in during college.

That takes getting the roof fixed, the AC running and probably putting in some dehumidifiers and running them until the wood measures below a reasonable humidity. 

As you probably already know, a cease and desist on a multi unit could be a financial disaster for a landlord.

Yes you will pay higher rates and probably points, but you'll be able to do the deal and potentially make something vs. not doing anything. 

Inspection deadline is tomorrow.Thanks again everyone :)___For Context, boiler details:Approximate capacity: 105,000 BTU/hrEfficiency: ConventionalExhaust venting method: Natural draftApproximate age: 38 years 39 years 40 years 41 years Near end of life expectancy Typical life expectancy: Boiler (cast iron) 25 to 50 years Main fuel shut off at:  MeterFailure probability: Medium Supply temperature: 180°F The following issues were noted at the time of the inspection: 1.

Also, considering you are 35, you should probably know how much you make.