https://www.har.com/content/newsroom/Houston Real Estate Highlights in May: Single-family home sales rose 1.0 percent year-over-year, with 8,157 units sold, the second largest one-month sales volume of all time;Days on Market (DOM) for single-family homes increased slightly from 51 to 52 days;Total property sales edged up 0.6 percent with 9,721 units sold; Total dollar volume increased 2.0 percent to $2.8 billion;The single-family home median price rose 3.4 percent to $243,000, which represents an all-time high;The single-family home average price increased 1.3 percent to a record high of $305,511;Single-family homes months of inventory was flat at a 4.0-months supply, the highest level since last August and equal to the national inventory level;Townhome/condominium sales fell 6.4 percent, with the average price up 2.5 percent to $213,912 and the median price up 3.0 percent to $170,000;Leases of single-family homes declined 1.8 percent with the average rent up 3.7 percent to $1,845;Volume of townhome/condominium leases dropped 22.6 percent with the average rent up 1.0 percent to $1,580.

@Tyson Hosey you mentioned a rental in the first post and I totally glossed over it. 

I am wondering what percentage of total multifamily properties is class A?

If all of the buildings in this community pay that $270/mo, that totals to 12,000 dollars PER MONTH in HOA fees.

I’ve lived in Korea twice for a total of almost six years, taught English as a Second Language, served in the Marines as a Supply Administration Clerk, and had a whole mess of odd/dirty jobs in the States and Canada.

I get deals but do not hold hands.

There are a total of 4 AC units (1 in each living room, 1 in each bedroom), all of which may need to be replaced. 

In addition, I would want the total expenses to come out to less than 50% of the rent.

@David Ribardo and @Joe C jump in with any edits/comments you might have Purchase Price $149,900 (50K a door rule looks good) Three units total gross/month 2239 (1% rule looks good) Fixed expenses: Taxes 2517, Trash 1125 (375/unit in Allentown unless private collection deal previously arranged) Insurance: 703 Common Electric: 519Water/Sewer: 802Allentown Fee: 225 (75/unit/year) Variable Expenses:  Vacancy: 2239 (One months rent of each place, or 8.3%) Management: 1800 (50/door/month) CapEx/Maintenance: 3000 (1000/door) Total Operating Expenses: $12,930 Total Gross Income: $26,868Net Operating Income: Op Ex - Gross = $13,938 Divide your NOI by the cap rate your looking for and you have your offer price.

Update: I ran the ozone generator for about 10-12 hours total and from what I can tell the smell is gone (it's a 900 SF apt).