Plenty of money to turn over all operations to your property managed.....naturally after the vetting process mentioned by all the earlier comments.

Markets are by their nature variable, so when an appraiser says the property is worth $127,457.20, you gotta wonder how the appraiser seemed to be so sure of that opinion in a variable environment.

Whoever you use for a contractor, try to include a default provision in their contract, where if they stop work for more than a week barring acts of nature, then you can cancel the contract and keep the unpaid amounts as liquidated damages. 

Closet location allows hallway door to be left open and allow the natural light to flow into the hallway without having a direct view to the shower and toilet.Layout 3: Additional closet space with same natural light allowance as layout 2.

You're assuming the combined two 1 beds will comp equally against a natural 2 bed.

This is also setting aside for a moment the long term appreciation of the asset and the passive nature of a rental income stream.The profit would end up going into the pool to purchase buy and hold properties at some point anyway - just looking at potential options to increase cash reserves. 

You may have trouble finding a quality tenant.I don't mean to be negative, as I am making an assumption you're buying in a rough area, but your comment, "I want to get my feet wet" contradicts the nature of all the extra/hard work that goes into managing cheap properties in rough areas.

Most likely the state where the property is located is where lawsuits would be brought if they are something for personal injury like a trip and fall or something of that nature because the “cause of action” arose in that state.

And, such a decision need not be singularly life-changing in nature.  

This owner (by the nature of our contract) must approve this expense before I can move forward with the repair.