I am getting the itch to buy a rental again and checked out a property tonight.

Here are the specs.

FMV 120
will offer 80 tops
bank owned

Rehab issues-

1. carpets- need shampooed, other than that, already up to rental standards

2. water is puddled under the water heater. The water is shut off to the prop, so this could be broken pipes, ruined water heater, or just from winterizing and draining it out. Not very concerned, I enjoy doing a little plumbing

3. heavy cigarette smoke odor throughout even though vacant for almost 6 months- any tips on removing this?

Action plan(if wife is ok with it)- offer this week so bank is more likely to accept lower offer, end of the month and all.

Fix plumbing and smoke flavor next month.

Rent out in Oct. for around 800/month. With these numbers, should cashflow around 100-150/month easy. The better upside, 80k in, appraise for 120k, LOC of 96k, just increased my buying potential by 16k

Any ideas on the smoke awhile, I would be interested in reading.