My local market is cost prohibitive to invest in and the thought of assembling a "team" of unknowns in another market was scary. 

This 1 bed 1 bath condo is rented out 162 nights a year and covers all the costs of running the unit and debt services.

Construction costs are around 300K and the comps are at 500K plus. 

No offense, but hire a PMC because:1) You hate the process of placing tenants.2) You didn't do a very good job of screening the current ones.Sometimes we have to get out of our own way to find success!

However, 80% is typically available as a rate/term aka limited cash out refinance (cash out just being used to cover closing costs and prepaid items like taxes/insurance).Your phenomenal DSCR is just a cherry on top. 

I don't know enough about the start up costs associated with the ATM units but I am generally against businesses that have a short shelf life and here we have one we are fairly confident will be deemed obsolete. 

I don't know if that is included in the total rent numbers the owner supplied. 

Hi,I have been looking at some of the resources for inspecting properties and estimating costs on this site, and the ones I have seen are detailed spreadsheets and multi-page checklists.

Operating expenses are EVERY cost associated with running the property other than debt service.

That cost me about $1,000 each time.