Forcing tenants to drive to the bank or pay a fee for your convenience makes no sense when there are easy and free options for both landlord and tenant.

I don’t feel it’s growing as fast as other parts of Lexington, so it feels more like a gamble.

However, if one could pick it up for say 10 cents on the dollar, could be a gamble willing to take.  

It's alley access since a row home, but on the end so convenient,  but a car couldn't get to the back. 

They charge in the area of 35%, which is expensive, but you're really paying for the convenience when you're not in the area to manage it.

The only reason I am hung up on this property is because the interior is very nice, and the location is quite convenient (right across the street from the medical district which is the heart and soul of my community).

But isnt that more of a speculation/gamble as opposed to tangible money?

It's a little bit of a gamble, but if it's a relatively small volume then you have more possibilities.Is there anything stupid about this strategy?

One thing I'm not sure of is location in this case, I suppose I could either look in a well established area and expect equity to increase through remodeling or in a less desirable area that I'm gambling will attract more attention in the future.

Tentatively estimate (for convenience) the 50% rule for expenses.