You mentioned gross rents of $3400 per month and Principle/Interest/Tax/Insurance of $2500 per month. 

It's an estimated cash on cash return given current rental rates subtract expenses assuming 7% interest rate, 10% management fee, 5% repairs, 5% capex and other expenses like mortgage, insurance, tax. it's a estimate to tell you what properties to analyze vs ignoreyou can see the are pockets of negative returns as well as pockets of positive return. this is to supplement the data @Devin Conley provided

One thing to think about are the tax implications of being a Canadian paying US taxes.

Locally my observation is that the need is more for low income young and working vs college student.

If the taxes are killing your cash flow, you'll need to either negotiate a lower purchase price to offset the tax burden or budget for some property improvements that could increase rental income and help balance things out.

I would spend a few bucks on nice ads in local magazines and/or do flyers in areas that are higher income. 

While short-term rentals in areas like Kissimmee, Florida, can pay for themselves and offer lifestyle benefits, the ROI typically doesn’t match what I see from my traditional portfolio of long-term rentals in North Texas.That said, short-term rentals can still be a great choice, especially if you're drawn to the area and the opportunity to combine personal use with investment income.

House needs some Interior Cosmetic Work, Wood Fence Repairs and some Plumbing Work.I want to turn and run, but I recently heard where there is a Problem, there is Opportunity.I thought this might be an interesting Case Study.Thanks for the Ideas.If they owe $180k on a $210k property and its a year+ behind then they probably owe taxes and other bills as well.

I'm trying to Figure out how to make this potential deal work.Seller wants to sell but not right away because they still use the house for some income. 

I also want to learn about purchasing properties with tax liens / bankruptcies / foreclosures.1.