My bad for doing the math with an "all in" number.Now that I know what you paid, the impounds don't sound low at all.

Do the math.

Even if it does need some work to get it 'rent ready', if you can price it so the ARV to Rent Rate works you should find buyers.Quick rule to keep in mind is the 2% rule, or at least the math behind it. 2% is tough to get in many markets, but find out what your buyers are looking for and price it accordingly.

You really just need to do your homework and do thorough title research and inspections prior to bidding, you can get stuck with some real clunkers otherwise.

@Anson Young - I did thanks for asking, I listed it for 500K (got a bunch of laughs and snikers from other agents, but I did my homework) and closed it in October that year for 600K cash.

Make sure you do your math and have your max bid set in stone and dont go over it, Its just a house and there will be more of them.

I have some homework to do regarding the laws.

While you are putting yourself out there as an investor talking to people, you also need to be doing your homework and learning what it takes to be successful.

Looking like putting our cash to work in RE is going to be harder than I initially thought.It really depends on what types of returns you're looking for...Some basic math:- It's not tough to find experienced investors who will borrow just a portion of their costs (up to 80%) and give you first lien position on the property (for security) and in return, pay you 10-12% annualized interest.

You can get good rentals for an average of $100K there...probably less.I'd use the $100K to pay the downpayment on several properties and mortgage the remaining amount.Do your homework and use this calculator to be sure it'll cash flow.