So, if there is a turd in the toilet, I know I'm getting a good deal because it eliminates 99% of retail buyer competition, and it is usually an easy fix: 1)turn on water, 2)flush, 3)replace toilet for $100.Oh, and one of the more ironic ones found once was a complete VHS set of a get rich quick real estate guru package ... it was in a foreclosure I bought, so I guess that particular system did not work as advertised.

I land lorded in NYC for over 30 years and nearly all legal 2 family units has a 3rd unit, usually a walk in unit, legally built with a toilet, but converted to a bathroom with a kitchen thrown in.

I don't have to pay for roofs, AC Units, toilets etc.

I take a look at her papers and she's making less than 1% on this CD.

I have seen commercial leases 3/4 of an inch thick on legal size paper . 

I'm submitted my first offer today.Sq Ft = 1,018List Price = $65,000Initial Offering Price = $32,000Max Limit = $40,000ARV = $125,000Realtor Fees = $7,000Closing Costs (Buy & Sell) = $1,200Inspection Fee = $350Holding Costs (Personal Loan) @ 6 months = $4-6,000Total Variable OH = $14,550Rehab Costs w/ contingency = $34,900Net Profit (ARV - Variable OH - Rehab Costs - Purchase Price) = $35,550Net Profit After-Tax (Impose short-term capital gains rate at 39.6%) = $21,827Work that needs to be done:Rebuild mudroom and re-route washing machine/dryer lines = $4,000Kitchen Rebuild: Cabinets = $1,000Granite CT installed, sealed, beveled = $1,400 New appliances (may use a 2nd hand shop) = $3,500Flooring and back splash = $1,500TOTAL Kitchen = $7,400HVAC (received quote w/ ducting install) = $6,000Front porch repair = $1,000Half-bath install 12 sq ft (@ $100 per sq ft) plus cost of supplies & equipment = $3-4,000Add closets to each bedroom = $1,500Fix ceiling water damage = $2-3,000 Foundation leveling (house has settled) = $1-2,000Renovate full bath (replace tub, new vanity, replace toilet, re-tile) = $2,500Simple landscaping (mulch and shrubs) = $500Fixtures and Hardware = $1,000Contingency = $2,000GRAND TOTAL = $34,900I'll be doing the majority of the work but will have to sub-contract out construction of the mudroom, half-bath install, and closets.Immediate Questions I'm concerned about:1) Cost to rebuild mudroom.

Is that a different-colored tile in front of the toilet, or just a really square thin mat?

So if your house cost $100,000....Cost...not worth...and the land is worth $10,000, you get to depreciate $90,000 over 27.5 years for a paper expense that you really don't pay of $3272.72/year.  

The bathrooms need toilets, tubs, lights & vanities; the kitchen needs cabinets, countertops and appliances.

I have a tablet computer with a touch screen, and currently use inspections that are paper, I was wondering if anyone also had a tablet PC with a program that allowed them to check and make notes using there pc as they walked through the house.