It does need some work but mostly cosmeticsHere are the property details:Purchase price: Owner doesn't have one1987 14x60(singlewide)2/1rehab cost: 2-3Kowner holds a current mortgage with a remaining balance of $18,600fixed rate at 6%PITI:$400property tax: $588Land value: $18,900(sits on a double lot for a 9,000sq/ft lot)Building Value: $22,200Projected rent: $850/month plus utilitiesComps: It sits in a neighborhood of mostly doublewides and modular homes so my comp pulls were insignificant The seller is not overly motivated.

While many in the military community will talk about buying a house at every duty station and then retiring on the rental income after a full career, that takes a long point of view and a willingness to let the property sit with little impact to your bottom line for many years.

My firm handles several hundred tax lien foreclosures and if you're not cracking the whip every day, some bum is letting whatever it may be sit on his desk for several weeks.

I actually use 10% of the gross rents whatever that number is.Instead take that $3000 at the beginning of the lease and put into Crowdfunding account for 11-12 months @ 7-8%.If a capex item or repairs comes up in inside the lease term, use a 1% cash back credit card to pay for the repair, and use cash flow to pay down the CC until the Crowdfunding contract matures, usually 11-12 months if you can find one like PeerStreet is what I use (1K mins).Now this assumes you have the full maintenance reserve set aside up front and that your cash flow can handle the $250 or 10% a month reserve to begin with, but I always factor that in.Basically I'm leveraging my maintenance reserve for short term private funding and not letting it sit in a checking or savings account at .05%.  

The property took water in the first floor and sits across the water. 

This proves they are actually managing the property (rather than charging you for sitting on a swivel chair in an office) and it gives you a good idea that your properties are OK.

The area is around a C from what I recall but seems pretty quiet.

I would wait until you (a) know what you're going to do with the money- like maybe partner up or (b) have enough cash-out for your next investmentOtherwise, you're just paying $4,000 closing costs for $14,000 that's just going to sit around not collecting much interest.  

Anyway, I'm tired of sitting back and waiting for the phone to ring.

I came across a vacant property that has been sitting for years.