Welcome to BP @Ryan Mackfee There is a ton of information here.

But unless you have a ton of experience or have a friend who does and is willing to work with you on it, I would run the other way.

The utilities / street's are done / plans are included for 8 additional units on the vacant lots.The seller's bottom line is $1.25 m for property with 0 help to closing costs.

Month-month leaseEach unit is individually metered and tenant pays utilities except for the following:Electricity for section 8 tenant only (2,100/yr)Water + Sewage for entire house (1900/yr)Property Taxes: 7,808Insurance: 1,500 per yearSummary: (annual basis)Rental Income: $37,260Operating Expenses: $13,308 (35.7%)NOI: $23,952Mortgage 30 yr @ 5%: $10,307Net Income: $13,645 $4548/UnitThe following expenses were receieved from the owner.

There's a ton of people here who've been in your shoes and now have been there and done that, so be sure to take advantage of it.

.$1300 in Rent against the following expenses on your original numbers:Mortgage Rate 5.00%Length of Mortgage in years 30Monthly Mortgage payment $643.78Taxes $150.00Sewer and Water $-Trash $-Heat/Utilities $-HOA $-Cap Ex and Ops $150.00 (this is a bit higher than your number, but not major in terms of the entire deal, and yes, it is a realistic number)Insurance $100.00Mgmt Fee $-Vacancy $104.00Total Expenses $1,147.78

I own and rent out a SFR that brings in brings in $300 after utilities and mortgage/taxes/insurance.

Numbers are all coming in far better than any comps I've been looking at on the market (12%-14% CR and $120- $150 CF/mo/unit.

My next favorite is tracking down owners of vacant houses and calling them.Rather than mail to a ton of prospects I tend to target a few and talk to them directly.

Consider student housing since you are familiar with it, see below.Check out the Start Here page http://www.biggerpockets.com/starthereCheck out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.