If all it takes is some appliances, a water heater, some superficial repairs, and fresh paint that's a nice profit, if sold at 124K.

Ok, here it is:My offer is 173k with 13K back at closing.Total Purchase Price $173,000Seller Concession $13,000 (roof repairs and closing costs/fees)Downpayment (15%) $25950Debt Service: $1330 per month Finance $147,000 x 9%= $1330Gross Rents: $2775 $400 (15% vacancy/rent loss)Effective Rent: $2370 Expenses $1100 (water, insurance, taxes, trash, grounds, misc.)Do I buy or pass?

Fundamentally, if the surround is already in poor condition, with cracks and gaps, you must assume water has entered the wall cavity and created who knows what kind of issues--from simple rot, to attracting various pests, to mold.

And, as for the washer plug, I just ran a ground wire from the plug to the galvanized water pipe.

One of those scumbag contingency lawyers tried to sue us.Then, a tenant with a 16 year old druggie child, fell into the water meter hole when the child forgot to replace the meter cover after hiding his drugs.

BUt I still have cold water.

Up until October I was a meter reader for the local water dept.

Figure that with maintenance, termite bond, water etc. you're going to be kicking in.

This creates a flow of water from the back to the front and onto the floor so the tenants will call you instead of letting it rot.

It takes about a gallon of gas to produce a gallon of ethanol.2.