Short answer: Yes, laundromats can be profitable, but profitability depends on a few factors.

ARV 900Total reno was 170k Appraisal $399.00 Shut off valves $95.75 paint $300.18 Commeercial enzyme cleaner $72.09 Water activation fee $51.38 shut off valves $38.52 Kilz restoration primer $275.66 Kilz restoration primer $150.33 Shower tile-Master.

Heck, some people might even pay more for the 'cool factor' of living in a 'small home'....I'd give it a go since you're a veteran of this RE stuff.

We are pet friendly and have some zeroscape backyards and have wording like "We are pet friendly with a fee, but please note although backyard is fenced there is no grass and certain areas contain crushed shell which could hurt your pets feet". 

The systems you have in place to handle leads, follow-up and your sales processes are also huge factors.Another factor is what is your monthly marketing budget?

The house will need a new fence soon, so I'll have to factor that into the scenario.I'm not sure which choice is the best option for me.

(Or more likely that balance plus every late fee, penalty, escrow shortages, and anything else the lender can declare owed.)

One of the side benefits is that I can avoid the whole draw/inspection process (not overall inspection, just the ones tied to the draws) and don't have to worry about draw fees.

Quote from @Damon Albers: M.I.P. has properties in A+,A, A-,B+,B,B-,C+,C based on number of renters and other factors.

But what I would point out to you is that the typical fee for property management is 8-10% of GROSS rent.