Thanks guys for your replies!We are looking at bidding $120,000 for foreclosure. Comps are considerably higher ($170k+) but it will need work. (Fortunately, mostly stuff I can do. We will need to put maybe $12k in, probably less)Here is my math. -Taxes are accurate. -Repairs are a guess for an average year. -Insurance is a guesstimate.-I worked backwards from a mortgage calculator site, putting in home prices & interest rates and seeing the resulting mortgage payment. House rents for $1200 a month AND assuming 10 months occupancy$12000 - $3600 (tax) - $900 (repairs) - $1,000 (insurance)$6500 left for mortgage ($6500/12 = $542/month)= Can't pay more than $117,000House rents for $1200 a month AND assuming 11 months occupancy$13200 - $3600 (tax) - $900 (repairs) - $1,000 (insurance)$7700 left for mortgage ($7700/12 = $642 month)=Can't pay more than $142,000To be honest, we are not planning to go any higher than $120k. But I just wondered about my numbers. Maybe (probably!) there is a lot I'm not seeing. I really appreciate your feedback. Molly
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