Here is the problem: The riverfront has a bulkhead that has been all but destroyed by flood, causing severe erosion.

These guys are made no money yesterday, today and wont make any tomorrow without your help.

Off-market deals where it's already tied up in contract are where I'll still entertain structuring these types of deals; you wont hear me talking about them a lot at the preapproval stage.

@Jim Kennedy thanks for the reply, wonder if its copper lakes. yeah we are not looking for appreciation, mostly cash flow.with depreciation wont that hurt you when you sell?

Drawback for you is that anyone able to pay that much in rent for a house wont limit themselves to that small amount of footage.  

I'm hoping this wont affect the loan as I would prefer to do a FHA 3% down or similar.

I have been in many a home as bad as your pics but these last two stunk so bad I simply could not go in without a bunny suit... and we wont' clean them just bulldoze them will all the garbage and treasures in them.. we still have to test for asbestos  those poor guys  LOLone of the houses the old owner dismantled a chevy took it into the basement and put it back together so there is a fully assembled chevy in the basement I will need a crane to lift it out..

Even that could not destroy the NYC RE market.4) Tax Benefits - So there are a great many reasons why RE is known as as tax shelter.

My wife has a college degree but the job opportunities aren't available in southern Illinois like here in MN so it doesn't look like we would really have any income coming in, so we would have to save some of our money as backup for a year of expenses, but owning the house free and clear would keep expenses pretty low, and we wont have any car loans to pay either.

The short term market is useful if you would like to travel easily but you probably wont have as good of cash flow.