Expenses: $2,825Total Rehab Cost: $85,000Maximum Allowable Offer: $132,000Problems with House:Dirt and Grime Literally EverywhereBug Infested (I'm talking bees, wasps, spiders, mosquitoes, etc)House is Outdated: (Wierd Bulky Ceramic Tiles everywhere,Tin RooF)Located far away from main part of cityHas A Garage but the Garage is basically unusable.

I have seen that many,many times and it is in many cases a cash flow killer.If tenants do not pay or reimburse even they do not report water leaks which can cause higher water bills, mold, water damage to walls and floors, bug infestation from the moisture growth,etc.Tenants also use about 30% plus more resources on average when they are not paying directly.If tenants paid directly and water drips once every 30 minutes from faucet you better believe most will let you know right away!

In the Chicago market, finding a deal that fits this criteria seems merely impossible UNLESS you're willing to live in a crime infested area.

Incarceration for violence btw...as if that wasn't enough the 3rd unit totally infested with bed bugs millions...tenant is in hospital so they cleaned the lower apts but never got the 3rd and no idea because the inspection was stopped as the inspector can not proceed due to having other properties to do after mine and can't bring bed bug to his next client.

We have a drug infested apartment complex on our Urban Street that attracts fighting, litter, and unwanted activities. 

Think it's a homerun but it's infested with cat urine and the cats are still living there.

The cheapest I've seen are 6 units in the low $400s, and those are in gang-infested areas that I don't feel safe going to alone.Would you suggest that I invest somewhere else completely?

(There is a small crack in the foundation that's allowing water in the basement)Active and visible pest infestation.( had to pay for the another inspection) Unpainted downspouts and broken rain gutters.

I have come to learn that this business can very much be shark infested waters.Let me start by saying that I first came across this community (BiggerPockets)abouta year ago and really dove in.

Things to keep in mind: - good to have a "property mgt" type local to help with the brutal winters (snow removal, leaky roofs, icey steps), summer bugs (ant, mice infestations produce bad reviews), furniture, propane grill tank and linen replacements, and general fixes (guests break stuff)- need someone to keep lawns mowed and watered, driveways plowed - reliable housekeeping is essential- less guests = less trouble/damage.