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I found this in CA but the only way it will work is to offer 32% less than asking price and rent for 10% more than the rent comps in the area per Craiglist and Zillow.
I'm passing on this one.
@Nathan Perry well part of the reason for that is your vacancy expense is too high for CA, your management expense is too high for CA, your insurance is too high for CA, and your repairs/ maintenance may be too high as well depending on the current condition. The other part is that the rent probably isn't at market value, and CA isn't really known for cash flow to begin with when first purchasing.
Thanks for the feedback Aaron. I need to get better at estimating those expenses and it appears I'm being too conservative.