There was no water damage from the outside elements.This is a short sale home, asking 229,000.

During the inspection we noticed some water seepage in the basement. 

@Karl Krentzel I think this point is totally market driven... slow market anything flies ,,, super hot market and you better have all your ducks in a row.

Yes you need to budget for it even if you are doing it yourself.Is it near the water?  

It's about the 4th one down, and deals with MHP:http://www.biggerpockets.com/forums/62/topics/185098-equities-are-hot-potato---is-re-next

They say that Franklinton will be the next hot spot, but it's going to take a while to get that area cleaned up.

The tenants are on separate electricity but the owner is paying for the water which is a min. of $120 mo.There is a property across the street for sale for 125k.. he said himself that was too much and mentioned lightly he would sell his for 110k.

It is lucky a roof even lasts for 40 years no matter what the material is...You may also keep an eye on other expensive things like water heater and AC. 

If only one lot is empty, I would check if it is in a flood zone, or if there is storm water easement in the back or side.

The rent from my roommate and the second unit of the duplex cover my mortgage, insurance, taxes, maintenance, cap ex, vacancies, heat, electric, water, and internet!