The terms of the loan are unchanged. 

I did compile nearby properties with pictures showing there are only 1 property sold in that range in the last six months but that one has new kitchen, granite countertop, SS appliances, new hard wood floors, new windows with accordian storm shutters etc etc etc...and this one is 1955, unchanged.

My down side (do-nothing) analysis looks like (with rents raised to market):Market Rents: $1750, $1600 = $3350NOI: $3350 - $1622.05= $1727.95 -> $20,735 per yearExpense:Income -> 48.4% Cashflow: 3350 – (1622.05+1778.47) = -50.52 -> -25.26 per door.Not too great for cashflow if the existing conditions remain unchanged.

My understanding is that it WAS mainly "owner occupants" who abandoned their homes once the GFC hit in 2008-9 (and who then went back to RENTING).Whereas those who were already renting - continued to do so, unchanged on average.Yes, the market VALUE of most of those rented-out homes went down 20-50%, but so long as Landlords continued to cover their mortgage payments with those rents, life was still sweet.So why would a next GFC fare differently?

http://www.har.com/content/newsroomHighlights: Single-family home sales rose 4.0 percent with 4,933 units sold, the second monthly gain of 2017;Total property sales increased 7.1 percent with 6,111 units sold;Total dollar volume jumped 13.1 percent to $1.6 billion;At $220,000, the single-family home median price rose 7.3 percent to a February high;The single-family home average price climbed 6.7 percent to $280,175, which was also the highest level for a February;Single-family homes months of inventory edged up to a 3.5-months supply;Townhome/condominium sales shot up 17.1 percent, with the average price up 0.8 percent to $204,397 and the median price up 8.0 percent to $162,000;Leases of single-family homes rose 8.5 percent with average rent down 2.1 percent to $1,652;Volume of townhome/condominium leases was unchanged with average rent down 3.5 percent to $1,478.

In February 2017, the median price for single-family homes in the City of Austin remained unchanged from the year prior at $330,000.

The house is unchanging rent at $500 when it should be $575 to $625 and this price is all inclusive.

So licensing requirements will go relatively unchanged.  

My LLC is "Herr Property Management LLC" Didn't like my last name on my business card and I don't like explaining at networking things that I don't manage other people's properties (thought I was going to go that route when I picked the name) I'd like to do business under a different name, but keep the LLC name unchanged for simplicity sake.

The Hagerstown story has gone unchanged for the last few decades.