As for repairs and updates, all-in I am in the $35-$37k range which includes a $5k buffer for anything unforseen.

Hey Craig,On the surface it looks like a good deal, but the X factor is the repairs - though you have a buffer due to it already being fully leased.

Make sure you leave a buffer in your budget because sometimes unexpected expenses come up.

I wouldn't recommend buying anything until you have some cash savings built up for a 20% down payment, plus a significant cash buffer for any unexpected(or expected) repairs.I'm familiar more with the Pine Hills area and college rentals, but it will be much more difficult to find a deal in that price range in this area(although possible).

As an experienced investor I can get conventional financing on a 5-20 with 25%-30% down if it is in decent condition.With no experience, fewer conventional lenders will loan to you.After acquisition you will need your rehab budget + 20% buffer and probably 6 months of operating expenses as additional capital.

Build in a buffer for unforeseen circumstances and you are good to go! 

Ideally you will find a property that you can add a bit of value and give yourself an equity buffer.

Even if I don't use it, it's great to have that buffer there.

To this day I add a 10% buffer to my bid in case there was something I couldn't see or take into consideration.  

I want to have the buffer soon, but not sure how...