I have a 2-family under contract for 65,000 in Aurora, IL. 1st - floor $750 & 2nd Floor $750Landlord pays water and heatingTenants paid electricityTenants are month to monthCurrent market rents in the area are $750 to $800 not including utilities.Taxes - 2,900Interest - 4.50%Loan - 15 yearsDown payment - 25%P & I - $ 372Is this a good deal?

I never sail the Pamlico, till at least mid-June or get on any water toys.....enjoy the lake living!

If they dumped any hazardous waste as well and not just trash the county or city will get more involved.In our old subdivision there were some people dumping illegal chemicals down the storm drains.The water division came out and they eventually caught the businesses doing it and arrested them.

Sellers tend to underestimate the costs of heat and hot water if they are the ones paying for it)HOACap Ex and Ops(I would double this number for building 1 against building 2.

, door hardware, baseboards and other finish carpentry, painting (interior and exterior), finish electrical, water heater?

Property price hasn't gone up yet.Jordan - Annual expenses above include tax, insurance, water, etc.. but here's a more detailed breakdown: Mortgage interest rate (30 yr fixed) = 4.625% Property tax = $9481.94 Management fee = none (i'm managing it myself) Insurance = $2450 Water and trash ( if you're paying for it) = $930 Snow removal = $1000 Maintenance reserve = $1200 Cap Ex reserve = $10,000 (credit I got from seller) Vacancy = 5% ($3,240) As for cap rate in my area, I'm not sure but in a quick search it seems to be 4%-8% range.

Then I looked at the other properties for sale in the area and this one had the best view of the water so I closed on it.

Jeff, I put Richmond HW heater from Menards and never had any issues with them. 29 gallons sell for about $300

Do you think there will be an issue with the appraisal if they cannot check the water?

I punched in $600/year for each of those and got these numbers on your place: Mortgage Rate 5.00% Length of Mortgage in years 30 Monthly Mortgage payment $0.00 Taxes $ 50.00 Sewer and Water $ - Trash $ - Heat/Utilities $ - HOA $ - Cap Ex and Ops $ 150.00 Insurance $ 50.00 Mgmt Fee $ 60.00 Vacancy $ 48.00 Total Expenses $358.00 Total Revenue $ 600.00   Cashflow/month $ 242.00 Cash on Cash Return 14.89%