Today, I placed a bid on a 2/2/2. Not the best of properties to bid on since it is a 2/2/2. My preference has been multi-families and 3/2/2. I could n't resist this one. The property is located in my neck of the woods and has been offered time and time again. Here's the problem, the property is in an area that pulls in rents from ~600-775/month. It is in need of foundation,AC, heating system, and normal rehab stuff carpet, paint, some rotted wood etc.  ARV ~75-85K. This is a HUD home that has been on the market for ~6 months. Several offers have gone pending but never closed. Hmmm I wonder why. Anyway the intention was to buy low, rent, and hold. After working the numbers renting it doesn't appear to be an option. (30-50 cash flow yuk!) Strategy: Cash offer, close, pull equity loan (no pre-payment penalties of 45K  with ~20yr payment of $376)  My bid on this property 24K. No response yet. Deal or no Deal. What sya you....Bid too low..what say you....Totally off base ok I can live with that... What say you....