@Roger Lin I think it's perfectly fine to buy for strictly cash flow.

It's 500sqft larger, had 4bedrooms, has higher ceilings, had all matching appliances (included the fridge and microwave), and a MUCH more updated kitchen for 180k.

If the property condition allows, you can set the bar at "nothing less than perfect credit" which weeds out most questionable situations, even ones you feel may work out well. 

Raising the rent is the wise choice, I would personally go to $800 if that is what the going rate is, however, you may choose to go to $750 to match the other unit (if comparable quality).

Unfortunately in real estate, there is no perfect way to value a property, and often, there isn't even a very good way. 

Aloha @Jeremy Griego that makes perfect sense: will use those guidelines. 

August 12, 2014 will mark my 4 year investing anniversary :-)I wish I had started earlier, but honestly, I think I was very fortunate to start at the perfect time and to be in the right place at the right time.When I got into RE, I went all in and pursued it very aggressively.

It's great to have you and this is the perfect place to learn more about REI.You should start with Beginner's Guide by Brandon Turner or just go ahead with the podcasts.

They suggested calling some of the brokers you see on there that have alot of listings and let them know what you're looking for and maybe they'll give you a call when something matches your criteria.

He said NO, because Citi wanted all of this financial information and he didn't really care (he just wanted out of the property -- he is disabled and he and his wife have a perfectly nice home at this point, mortgage free.