@Will Bert Dont forget to take into consideration water for both buildings and the PLP electric meter into your costs.Also the rental numbers seem a bit low with a 3 bed commanding only $1300 a month.Idk the value of the vacant commercial unit so i cant help you there but where did you come up with the $4500 amount when the other commercial unit you have is getting 3k?

I don't even hear about commanders leaning on their people anymore over these issues.

Kitchens and baths command higher ARV's and rent.

He's a retired Coast Guard commander who ran a survival school based on very, very primitive skills.

If the area is good the other items can be fixed.If the area is bad it doesn't matter what you do.You could make it the nicest building in a bad area and the tenant calls you get from the pictures once they see the area and other buildings they won't rent from you.Then you are left with the type of tenants living there now.Also is to check on how big of a loan balance is on this property.This landlord might have tons of deferred costs because the debt service is taking all of the cash flow.They can't evict the current tenants because they have no money to rehab the units.You also need to know the eviction process for the area.Even if you get a writ the marshals office could have hundreds to serve that month and a 4 day process takes 6 weeks for them to come out.Even if you account for lost rent when buying to evict these tenants you will not know what kind of damage they will do before you get them out.John do not believe the seller or the brokers agent.This might be a deal but only at the right price.The seller cannot command a premium and dump of problems at the same time (unless the buyer is a sucker or a first time purchaser which sadly sellers hope for).

If that neighborhood has potential to command higher sales prices once foreclosed properties are rehabbed and resold, then it can be a good deal.

I live in New York City but have been recently made aware of Rochester NY as a place where SFH and MFHs can be purchased sub-50k and command rents usually in excess of 2% per month of the asking price.My question is, are there anythings about Rochester you feel are worth while knowing about before more seriously considering investing there?

But, I am also compensated for allowing those animals as I make that very clear on the rental listings, and get more tenant applications and likely command a higher rent from qualified applicants than competitors who do not allow pets. 

Offer to do a 75/25 or even a 90/10 split initially, prove yourself as an experienced operator who can execute projects successfully, and then move on to do a 50/50 split eventually once you have the capital and track record to command a larger share for smaller input.

I would look into the higher price buildings that command decent rent or buildings that can't pass an FHA inspection and just plan on spending $ to renovate afterwards