I have strong credit and would be able cover the costs in the case the rental situation doesn't come to fruition, however where I am hung up is #1 - comping out properties in these more rural areas where there is lower volume and inventory to compare on a $/sqft basis let alone if the information is available and #2 - the majority of the properties I am looking at are older (built 1960s-1980s) some have cosmetic renovations but likely still old bones..this brings me to the my final point is building your 'team' I how have others found reliable inspectors, handymen, emergency services contractors, even cleaners for rental properties?

Personally I like the PnL method because it is cleaner and easier than 12-24 months of bank statements.

They will either need the attention of a professional carpet cleaner or possibly replaced altogether.The question I have is: Would I have the right the use the tenant’s deposit to pay for the cleaning or replacement? 

@James Wise  I like my house cleaner. 

Tenants are not going to pay an extra $125/mo to have a landlord’s cleaner come in once a month. 

I already have a handyman and cleaner.

@Douglas Spence I initially was doing cleaning myself, I very quickly hired a cleaner to be more hands off.

Other homes would be expected to be in the $70,000 - $100,000 range for these same components with the balance of the mortgage held by a bank.Below are actual revenue, expense, and NOI numbers for this home which we would use as a model for further acquisitions.Property Management is high, it costs a bit to manage the placement of multiple tenants, handling of disputes, and collection of rents as well as mange the cleaners, landscapers, and handymen.The 2.5% for maintenance, and 5% for capital expenses would be variable but should not be much higher than 5%.

I think this is totally doable if you want to try it OOS, but you would definitely need a cleaner and handyman you could call to be your feet on the ground.

Before I called him, my cleaner called all of her owners to seek an alternative place.