Two of the major componants of mid rest rentals or east coast are not even present.

However, the most vital component of the purchase is vetting the PM who will be the success or failure of the property.  

While it doesn't have your kid element, our story does have the crazy predictable components of life.I too am looking for an opportunity to work on this full time so we I can stay home and raise our future kids.Feel free to pm me if you want to talk.

Tenants are extremely hard on appliances, it is not uncommon.Landlord Responsibilities: Landlord will at all times during the tenancy keep the premises fit for human habitation, and shall in particular:a.Cultivate, care for and mow surrounding grass, lawn, flowers, and shrubberyb.Maintain the premises to substantially comply with any applicable code, statue, ordinance, or regulation governing the premisec.Maintain the roof, floors, walls, foundations, and all other structural components in reasonable good repair as to be usable and capable of resisting normal loadsd.Keep any shared or common areas reasonable clean, sanitary, and safe from defects increasing the hazards of fire or accidente.Provide a reasonable program for the control of infestation by insects, rodents, and other pests at move in f.Except where the condition is attributable to normal wear and tear, make repairs and arrangements necessary to put and keep the premises in as good condition as at move ing.Provide reasonably adequate locks and provide keys to the tenanth.Maintain all electrical, plumbing (main lines), heating, and other facilities and appliances supplied by Landlord in reasonably good working orderi.Maintain the unit in reasonably weather tight conditionj.Provide facilities adequate to supply heat and water and hot water as reasonably required by the tenant

From there, you can determine what components are priority, and how much of a factor location will/should play into that.

There is obviously a risk component here and cash flows need to be managed, but prepaying FNMA mortgages is a terrible use of money.  

My first question was do you have all your components in place; i.e. your contractor, your ARV, Rehab budget, materials?

This includes understanding how to factor in any costs related to the components of the plumbing system which are not easily visable during a walk through, including, but not limited to, underground and outside components of the plumbing system.

You wouldn't want little rents and almost no appreciation because the cycle has peaked and now you have to hold for a very long time to cycle upwards again for equity growth.Cash flow is just one component.

But I would not use full comp on the stick build home.