I assume cut value by 20%?

I think what you describe is pretty much standard performance for rental properties if your not paying cash and I am just assuming your putting max debt on them to try to get your return numbers into your criteria..

Positive cash flow and low interest, i assume, long term loan is an enviable position that with time will produce larger cash flow.  

Quote from @Gene Jung: Hi,Assume there is no cost for mortgage requesting for my lender.

I'd assume all vanities, lower cabinets, 3to 5ft of drywall and base will all need replacing. 

Have you ever seen rents actually go lower (I'd assume this would only happen if occupancy dropped significantly, but that seems like something that could happen in a recession).Also a BAM specific question/concern - from what I understand they are based in Indiana, and I see in their current open offering one of the properties is in Indiana (great) but I'm wondering why the other property is in Arkansas? 

it is definitely a viable strategy, but many people assume they will automatically be successful solely because... you must make money buying at those attractive lower price points!

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

I am just assuming based on what you said. 

I'm also assuming (which I may be assuming incorrectly) that your job is in Tampa and you don't work remotely.