If the owner doesn't care enough to find keys and grant access, you might do your best to estimate rehab costs and explain that when you make an offer (assuming a low offer).

I think of it a lot like retirement funds - start aggressively with value/growth stocks and ETFs when you're young and have time to play with, move into highly rated bonds and low-fee dividend funds as you get closer to retirement.

In one case that I found here in Houston, the cost if low enough and the value is high enough, that it made a LOT of sense. 

We'll cut to the chase, here's our dirt.The Facts: Ages 51/44, Married, w/10 yr. old childOne steady income 45KOne low income & fluctuating (self employed only 2 years but growing slowly)Living/ renting in NJ (Very expensive market, 2 family units sell over 500K)Fair amount of debt 37K (Car loan, 2 CC, Medical bills)Just getting by each monthCombined 401K's =  150KMy 401 (100K) can be transferred with no penalty to a self directed IRA (I had opened up last year in hopes of using some cash to invest in RE) We are determined to get into REI however we're probably going to need some creative ways to do it with our current situation.

We are still operating in a historically low interest rate environment and while none of us really like it, it's actually good for the economy.Best of luckStephanie

HOA is mainly guy from low level unit.

Your 6% each on vacancy, repairs, cap ex looks a little low.  

Well, I would like to start with a low invest property buy and hold. 

Based upon your numbers the cap rate is fairly low ( 7% ) meaning over valued .

Does it mean $10k reduction in purchase price?