It is enough to keep the property in a state of good repair, but probably not enough to upgrade the property to the next level (and raise rents), if there is a market for that.

Sellers often prefer Conventional to FHA loans since there are fewer quality requirements to sell to the buyer (aka you)Go get 'em!

Looking for some info as far as deal quality and things to watch out for.Price: 149,900Units: 12More info:9 lots occupied. 8 of which are park owned.3 vacant lots and room to add 4 more.Ad claims 42,000 a year in gross income currently (with the 9 occupied units).I believe that makes rent/fees income equal to $500/month per unit.Wondering what sort of stuff to be wary of when reading ads like this.

There has to be room for closing costs, carrying costs, repairs, profit for the flipper, and your wholesale fee.

Homes in both subdivisions were built by different but similar quality builders.

The property is a 5 unit building with the following information: Rental income is $4,000 per month or $48,000 per year totalTaxes are $375 per month or $4,500 per year (this is higher than current but factoring in that they will increase)Estimated insurance is $200 per month or $2,400 per yearExpenses: Vacancy 8%Management 10%Other expenses Landlord pays water at $400 per month or $4,800 per year Realize this could be a cost savings in the future, but want to analyze as isGeneral maintenance (including minor repairs on property) including grass and pest control estimate at $300 per month or $3,600 per yearCapital reserves for Cap ex (appliances, windows (52 windows on building), roof, siding, etc. which I based on building a capitalization table based on useful life of items and number of units) at $460 per month or $5,520 per yearLoan: All in after down payment the loan would be for $300,000Assuming 7% interest rateAmortized over 20 yearsThus comes out to $2,325 per month or $27,900 per yearSummary Income Per Year:$48,000Property Exp.

Buffalo is an awesome market to get started in, but it definitely can get tricky to find quality help regarding contractors. 

I have about $60,000 saved up for repairs. 

In addition, the cost to repair any given damage done to a property is relatively uniform over different markets (especially if you do the repairs yourself). 

Find comps that: have sold within the previous 3-6 months;are within the neighborhood geographic boundaries;have similar features;are approximately the same square footageRemember that the condition of the comps needs to reflect what the potential subject property will look like after rehab.I wrote a biggerpockets blog post on how to find comps and calculate ARV which may be helpful:https://www.biggerpockets.com/blogs/8814/68395-how-to-find-real-estate-comps-and-calculate-after-repair-valueReach out if I can help with anything.