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.

We'll also work on Joe :-P Thank you @Charles Waters Thanks @Shara Carlton and @Sharad M. for the votes!

Price: $150,000 (planning on 20% down) Rent: $3,100/month (4 units at 550/month and 2 garage units at 475/month)Utilities 1,450/month (Owner pays utilities, electricity, water, gas, for 2012 came out to $17,000)Mortgage: 750/monthTaxes/Insurance: 450/month (based on zillow)Cash Flow: 450/month (please let me know if I'm missing some basic expenses)Building has window A/C units.