You also need to do an inspection - I had a couple of board horses on my farm and they destroyed my stalls (ate the boards and tore up fences).  

So I bumped the asking price down to the cap rate of that area 7.8% and got a price of $301,538 and made an offer at $300,000.That puts my new price of $300,000, expenses ate 50% ($24,000), vacancies ($5,280), and mortgage ($18,649).

Holding costs (taxes) would have ate into the profit also.

Hello @Rob Gillespie, I don't live near Beaver but In my traveling sprinkler fitter days I spent a lot of time in and around the Pittsburgh area as well as your home state working near Cleveland, Ashtabula (loved it there) and Napoleon at Campbell Soup (never ate canned soup again lol).

While I'm just in the learning phase I have many friends that live and and started their REI in NJ and ate doing well.

The Kwikset also ate batteries.

We ate out less than a dozen times; I sewed my own maternity clothes; we only left town once (to get a check to mail back to Sallie Mae).

Bottom line being that I bought them with a negative cash flow and with a tremendous amount of equity, but I had a very precise exit strategy in cashing out my equity before the negative cash flow ate my lunch.

When the lake started to recede and the salt water level intensified until it killed off all the sea life and slowly ate away at paint, metal, wood or anything else in its way, the Great Salten Sea became an abandoned ghost town and refuge for motorcycle gangs, drug runners, illegal's and just about any/all undesirables that could survive there. 

I've never met you, but I file a lawsuit right now and claim you ate my dog.