Make sure you're paying attention to taxes and insurance as well!

Lastly, make sure your tenants have renters insurance to cover their property.

Pros: Diverse job market, low unemployment, great resilience during recessions, nice appreciation, 1% rule can be hit if you look hard enough, great economy, good schools, Midwest nice.Cons: Extreme weather at times (hot/humid summers, tornadoes/hail, brutal cold in Jan/Feb), high insurance premiums, property taxes also really high.

Basically scale in paper and challenge it with your personal time, resources, desires, finance, insurance, PM, etc.

@Dennis GallagherIt's my understanding that the "Income-Expense Ratio" primarily use operating expenses as the expense variable, which includes costs like utilities, property taxes, insurance, maintenance, repairs, property management fees, and trash removal, all of which are considered when calculating a property's operating expense ratio (OER).You calculate OER by dividing the total operating expenses by the gross operating income of a property.

Invest in a security camera—we had a break-in where someone lived in the house for days and stole appliances, which insurance didn’t cover.

Your current home would rent for $1800 and PITI (principal, interest, taxes, and insurance) is $1250.

So just curious if my number formula is correct $15k down plus $15k Reno = $30k rental income/year  $14500 vacancy rate 2% operating expensive 35% ( to cover condo fees maintenance insurance ect) $5500 a year mortgage so roughly a 12.25% cash on cash return ? 

I recently watched a BiggerPockets podcast on YouTube where both folks made flood insurance mistakes from not noticing something in the disclosure.

Beware with manufactured homes, as getting lending as well as insurance is tricky!