I will do my best to give a brief description of a property I looked at.  

In the Los Angeles area there are only a few properties that fit this description, most of which are in areas that are rapidly changing and have a high potential for growth.

Talked to local code office, and they just mentioned needing to do an inspection before water could come back on (standard for vacants).Property description not in contract - just an address and reference to preliminary title report (that they emailed me upon request).  

Here in Jacksonville we find a lot of properties listed in the MLS on behalf of wholesalers/investors under the description of "equitable interest".

A good description (for you) would be "duplex in the blah-blah area between $400k and $500k."  

Now for the numbers on the property:Property Description: Duplex with 4BR-2BA total, in a good area within 2 miles of local, large state university; exterior condition is good as it's brick with new metal roof, windows, metal siding on trim; interior has hardwood/tile floors, new ceiling fans, lights, appliances, and paintPurchase Price: $118,000Down Payment: $23,600 (with closing costs credit from seller, final number at closing was right at $24,000)Loan: Commercial loan 15 yr AM, 5 yr balloon, 5.0% interestMortgage: $750/moTaxes: $200/moInsurance: $80/moRent: $2,100 (rented to four college students as one group; tenants pay all utilities)Est maintenance/repairs/cap ex: $300/moVacancy: $100/moProjected cash flow: $670/mo or $8,040/yr (est. $4,200/yr in mortgage principal reduction)Amount spent on repairs: $15,000 (majority spent on new HVAC/duct system and appliances)CoC return: 20.6%I think that covers most of the relevant numbers.  

The learning curve is scary at first, but will ultimately make you better.I recently met a guy who owns several hundred properties in his own market, but he's never been to almost any of them because it would detract from where his time is better spent.

@Mateusz Prawdzik - very descriptive, thank you.

I'm new to real estate and I met a new wholesaler last week at a real estate meeting.

Here in California,the new trend is to end higher priced homes prices with 888 instead of 999.That's because 888 is considered very lucky to Chinese and Korean investors buying million dollar properties.Agents also try to mention words like "Panda"and "Dragon" in the descriptions because they are signs of good fortune.