Another huge thing to consider is laws and regulations, many times new investors will jump at Hudson county thinking the proximity to NYC is great for renting (which it is) but many of the municipalities in Hudson county have very strict landlord laws. 

Careful going outside state lines -- contract for deed is not allowed in Texas.I didn't think COD is illegal in Texas, just perhaps not recommended anymore, because it is difficult to comply with the rules or regulations. 

Something has to get better in that market as the regulations are too confining and essentially up to interpretation by the city explore you engage with.

A break even into a profit, and a profit into a windfall. 3- Capital - I used to state this as access to capital, back when the rules were loser, the regulations less onerous, and information less readily available.

They beat my existing premium by over 30% without sacrificing coverage (I did choose a slightly higher deductible though to get some extra savings here).

Add the financing challenges and that you existing structure likely will become rent controlled.  

They will schedule an inspection to verify that the second bedroom does in fact exist in the apartment.

As for Alexandria specifically in terms of regulations don't take advice from a public forum - look up the laws yourself and make sure you understand them.

If you are able to manage it yourself, I think you will get a lot of very helpful education in real estate by spending a least a year or two doing that.You'll be able to work with property managers a lot better if you've done the work yourself for a bit, and it also helps to get familiar with the various laws and regulations you have to comply with as the owner, even if you do have a property manager in place (e.g., the new RI rental registry and associated lead paint inspections/certificates).It's up to you whether you're able to do it, but I think you'll get a lot out of the experience if you can try it for a year or two.

Landlord-tenant regulations are a bit complex in California and getting hands on is the best way to learn before expanding into larger investments.