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@Gary Clisele, based off of your numbers that is right, but there are a lot of holes in that strategy. 

I am using legal counsel and I will be touching base with my Real Estate Agent next week, in the meantime I appreciate the feedback and hope to hear more.

Even assuming someone paid all cash here, it's only about a 3.5% return based on their stated net income! 

based on other auctions, I'm going to assume it'll be $10K increments. 

We're based out here.

Developers are looking at highest and best use of the land (this can vary greatly based on location, job growth, the taxes, the township, etc).

Much better than legal eviction.Doubt a court in CT will support your attempt to evict based on non-payment of a $50 late fee.

My initial projections based on a buy and hold analysis are:$1550 a month in income(Lots of assumptions here)$904.78 monthly expenses(Including maintenance, management, and the vacancy rate)$645.22 monthly cash flow23.45% pro forma Rate$9240 net operating incomex 50% for expenses equals $775Monthly interest/payment equals $124.78Total monthly cash flow using 50% rule equal $65082.90% cash on cash return on investment30.90% purchase cap rateTotal operating expense $780 dollars a monthAs I stated earlier, the house is close to downtown and the State University.

You will not regret that family based decision.Experiences are cheaper and longer lasting than $$.