In other words, make sure there is plenty of profit in it compared to the amount they have to pay and the repairs required.

Before I really began investing I would 'sandbox' and go to the auctions every week to see what properties went for compared to what was owed, what they were assessed for and how many of them never went to the chopping block.I slowly realized that the good deals rarely went up for auction and when bids were placed they were usually at levels that even I knew was too high.

List price $440,00016- 1 br units; one building; upper and lower units1 vacantOn site leased laundry (2 machines)Landlord pays water and gasTenants pay electricRevenue per unit(stated):11 @ 4151 @ 4402 @ 4301 @4201 @ 410Laundry $1100/yrTotal Rev $81,320/yrExpenses (stated):Gas/electric $8626/yrWater $4300/yrTaxes $8000/yrIns $3000/yrYard Maint $1490/yrTrash $804/yrTotal Expenses (stated): $26,220/yr (well below the 50% rule)Tax information: last transfer 1999; 54.2663 mills for non-owner occ.; current SEV $162,400; taxable value current $145122From the listing agent: Nice old lady has owned them for 30 years; built in '70's; currently has one vacancy; all units are 1 yr lease; half of tenants have been there for a very long time (years); other 8 units turn about 1x/yr; great neighborhood; upscale community; walking distance to downtown; roof is 4 years old; hot water heat (LL pays); "A" propertyHave not seen the inside yet, from the pictures I've seen the kitchen/bathrooms are outdated.

I will take a look to compare, thanks for the info and time.

Go have a look at the ones you found and see which really compare.

In Chicagoland, some cities require water certifications, so you would have to put that in your forms.Best to learn from local people actually investing in the area you are targeting!

Flashy cars, big boat in the water, work 5 hours a week....all seem to go hand in hand with the TV guru's.I know a lot of the guys from the 80's have filed BK, done jail time or are just broke.

SFRs are priced based on comparable sales, and are strongly tied to demand and the ability of people to buy them.

So if the budgeted or actual expenses for the year were at $4.95 per sf, the tenant would be responsible for $1.20 per sf or $0.10 per sf per month.If you are an out-of-area investor and do not invest the time to monitor your investment property, you are going to lose in the long run and may lose in the short term.Reason being, even if the property is a Net lease, whether it is single, double or triple net, who is to say that tenant will actualy maintain the property to the same standard that you desire.Secondly, most tenants are not in the real estate business and as such, depend on either the owner personally or his property manager to take care of the issues relating to the ongoing maintenance of the property.Who are you going to call at 2 am in the morning when someone finds water all over the floors and flowing into the streets?

At one time, I had the largest lawn mover, weed whacker, shovel, water hose, and wheel barrow collection on the West Coast!