Did you under or over estimate vacancies?

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

Definitely filing that under “things I’ll do differently next time.”About the appraisal discrepancy—it’s frustrating, but you’re probably right that it’s not a huge shock since I didn’t make any changes to the property.

Layer on the ability to invest the funds that otherwise would go towards the down payment and transactional costs and you likely come out ahead in such a short term horizon renting.

You’ll never make money off of a unit that only rents for $500-550 per month and turns over every year, especially if it’s under management.

Many state fair housing laws cover properties or situations that are exempt under federal law.

I would just excavate a few 2'x2'x2' (or larger if possible) spot footings, w rebar and Simpson hardware,under the house (you will want to take up the floor to make this easier to do).

Window AC units can indeed be treated as tangible personal property with a 5-yr life and be bonus-depreciated or deducted under Section 179. 

An alternative could be putting all your properties under one LLC to start, then reassessing as your portfolio grows.

Generally what I have seen for smaller orgs (under $1B in volume) is that it's far more effective to bring in originators than to throw money at paid digital marketing.