What makes this a good or bad deal?
Currently there is a house across the street from me that was a foreclosure that is for sale for $10,000 it is an older 3 bedroom home that two years ago would have probably sold for $50,000 the area I am in has one duplex and two single family homes that are rented all most constantly. Plus my one bedroom apartment above my garage that my current tenant has been there for 3 years. I could easily get the money for this home by refinancing the mortgage on my house which would save me a point or two in interest and may not raise my payment more than $20. My preliminary numbers on the house are $1400 year taxes and $500 insurance, should rent pretty quickly in the range of $500 What are reasonable numbers to figure for repairs, and what am I missing?