So, fast forward a few days from hearing our offer was "accepted" and my realtor and handyman go to the property (had rained a few days prior) and see water that had leaked into the master bedroom and the ceiling was wet and the carpet as well.Then, the listing agent calls our agent and says she was mistaken that it is not actually accepted, but just the trustee has accepted, still waiting on the bank.

I have a property that has multiple water leaks on the roof due to poorly added additions over the past 50 years.

Along with meeting all building code, they require a water test and they require the septic be pumped every 4 years.

If it's something like a water heater brace or smoke detector or appliance or easily repairing something?  

Other passions of mine include precious metal investing, practicing Mixed Martial Arts, working with various charities, and anything that puts me on or near the water :)My goals and reasons for joining: I am the first to admit I know very little about land investing.

Leave me some comments if you'd like.Asking Price: ~$200,000 (willing to negotiate)Terms: 30yr amortization at 3% which raises after time (rate/time negotiable) with a 15yr balloon (also willing to extend if everything has went well)Mortgage Payment: 843.21 (this is with 3% FIXED rate, so in reality, at some point it would be higher)Monthly Rents: 885 + 865 = 1750/moVacancy: 8.5% (seller says 0 vacancy)EXPENSES:Insurance: $41.66/mo  $500/yr (actual quote: $494)Property Management: $175/mo (would be managing myself, but always build in property management)Repairs and Maintenance: $300/mo ($150/unit, although the house is in great shape and will not need these kinds of numbers for some time)Property Tax: $291.67/mo (a touch less than $3500/yr from tax records)Sewer and Water: ~$50/mo (utilities came to roughly $43/mo on avg.

The style looks very odd to me and in fact, as one might guess, there are water intrusion problems around all the windows (upstairs and downstairs).  

polybutelene pipes from the 70s to 90s deteriorate from chlorinated water and sometimes break without warning.....so It sounds like they're in the walls.

Exactly the same building right next to mine closed a day later and sold for $250k ....Anyway; look at my numbers below and read explanation ...PGI = 2470vacancy loss = 4% 100EGI = 2370property tax = 309.4homeowners ins = 156.6utilities(common/water)= 165repairs and maint = 10% 250NOI = 1489debt service: PI = 1101.6monthly PMI 253positive cashflow 134After 6 months of research and looking at properties in the Chicago area, it was the best I could get.

4 plex right off busy intersection and <1/4 mile from interstate ramp.2bd/1bth 2bd/1bth 3bd/2bth 1bd/1bth4 Parking spaces (2 covered) + 4 street parking spotsPurchase Price 325K; 25% ($81,250) down conventional 30yrMonthly Mortgage Payment = ~$,1250-----INCOMEFully occupied, rents are $2825 combined.There is a shared washer/dryer room, listing claims ~$250 income a monthTotal Income w/ 5% vacancy factor = ~$2,900/ month-----EXPENSESProperty tax + Insurance + Water + Trash + Electricity for common areas + Landscaping + $200 Miscellaneous Repairs/Expenses = ~$1,000/ month+ mortgage payment = $2,250-----Yes I know, price is very high.