To say I am a newbie is a major understatement... I have so much to learn. 

I found a property in one of the best school districts, in a rural area, about 10 miles from where I live.  It seems to be all about school districts here.  Though I am planning on holding it as a rental... I went for this school district for when I am ready to sell.

Okay... don't make fun of my tiny numbers as I am just starting out and I don't have a ton of $ (yet) to work with.

Asking price: $27,000 (stop laughing)

First offer: $19,000

When asked for best and final offer because there was one more offer I offerred $22,500.  I offerred the highest but I am waiting to make sure the forclosure company doesn't counter.

This is for a forclosure which needs roughly $5,000-$6,000 in improvements. It is a 3/2 with a partial carport on .44 acres of land with road frontage.  The taxes are said to be about $573.00. It is 972 square feet... small, I know.  It is dirt cheap because half of it is a mobile home but It has been added on to and bricked around and had a metal roof added.  It is half house half mobile home (stop laughing again)- only in Mississippi, I know. :)  You can't tell by the outside or the inside that it isn't all "house".  It is listed with the county tax assessor as a house and not as a mobile home, and they have it as being appraised for $35,000.

I am actually paying for a chance to bring in some cashflow.  I am a stay-home mom and it is my dream to just keep doing this over and over and never have to report back to "work". 

I'm looking a 15 year loan and putting 10% down.  The "word on the street" is that I could get about $500 a month for rent.  I already have someone wanting to rent it if it all works out. 

I guess I covered all the bases here.  We aren't really sure about what kind of numbers I should have been running before I actually made an offer.

Any advice? Opinions?