Rents would have to be closer to $3k to make sense unless you are playing the appreciation game. 

I like the land game i grew up in it. so i understand it. 

I love the mentality of just getting on-base, Michael, so that you can get into the game, but this is looking awhole lot like you're leaning your head into the strike-zone hoping to get hit by a pitch that might do more damage than you realize.Somebody else mentioned it already, but what you have budgeted for Repairs, Vacancy, and CapEx just won't cut it on a property of this vintage.

Once the locals start hearing "after developed" land prices, the farming game is over.

Real estate is a patience game. 

Again, other might feel differently here.b) Skin in the game: as a conservative investor, I understand that the dirty secret of industries that the waterfall compensation is in the line with me and incentivizes sponsors to take more risk.

It has been inspected and my GC has toured the home as well and we have a game plan. 

They have more skin in the game then you do.Make sure you get clear title.

Closing costs and realtor commissions are a part of the game.

More than likely, you'll be sitting on the loan for awhile, or putting some extra money in if you want to refi.Still, the FHA can be a great way to get into the game when you're first starting out.