My math with your numbers would be more like this:Acquisition:Asking: 290kRepairs: 15k Total Acquisition: 305k Revenue: 28,800Taxes: 4583 
Insurance: 1800 Cap ex: 2400PM @ 10%: 2880 Total: 11,663NOI: 17,137 Cap Rate: 5.6% Cap Rate w/o PM: 6.56% Not a crazy return but pretty normal to see in Miami if you're purchasing in middle to upper class neighborhoods.

I was under the impression working with a HML would read like a cash offer to buyers, and therefore would actually be a leg up over conventionally financed buyers.

But again most folks that are rental geared simply are not interested in this facet ... as it tends to be quite capital intensive and not really all that great in the leverage department.. cash buyers well they have a leg up ..

Had some cash saved up from working a full-time job in logistics and a part-time job teaching tennis, and bought a fixer-upper for $29,000 with a tenant in place at $700 (sounds like the $30,000 pig, right?)

The poorer areas will struggle, while the middle/upper class areas will be just fine.

So, I've done a bunch of different kind of fixer-uppers that required NO carpet and paint.  

(Someone breaks a leg in your place and sues, etc.)

Offer to help them do some task they don't want to, drive by the house, do leg work, paperwork whatever.

@Dustin Beam Yeah, gambling is a correct word:) Especially for fixer upper.

I would label that a failure.For me & my area: A = prime zone, wealthy housing, white collar and high upper middle class blue collar.