We usually don't buy this kind of property, but we needed to salvage a loan that we did so we ended up owning this property at 2053 Adams in Ogden, UT. Drop buy and visit some time if you want to see a rehab in progress (April 5, 2011 until about May 1, 2011.)
It needs a new roof and we need to create a bedroom. Right now it is just a really big studio. We met a next door neighbor today and he had a huge smile on his face when we said "yes" to his question "Are you going to fix-up that place?" It has been vacant for at least four years. How do we know? It didn't have water for the last four years!
You can see why it was condemned for destruction by the city. It's ugly from the outside and there are no bedrooms on the inside! We will spend $18,000 - 20,000 on clean-up, fix-up, and curb appeal. We will have less than $50,000 total investment and a $700 a month rent by the time we are done.
Come back in about 3-4 weeks and I'll have the "after" video ready for viewing.