I think 30-40k a year per bedroom is probably the new normal though, even with a slowdown in the economy - there is simply too much currency floating around. one thing to add, I've noticed a lot of bad information on a lot of properties in the area.

Looks like it's time to find that long lost rich uncle that I just assume I have floating around somewhere. 

The toilets are harder to check, but you might lift up the tank lid and operate the valve by hand yourself a couple of times, by lifting the float up and down.If I didn't have an agent watching everything I was doing, I would then find the main water valve (usually either in the front yard, or next to the water meter in the basement), and see if I needed a tool to turn it. 

We also used the opportunity provided by the extend of the demolition to do the following:Install a free-floating, insulated (R10) subfloor (a first for us) over the slab on the main level;move the laundry under the stairs to the second level - a better use of space than the deep sloped ceiling closet that was there;resize kitchen - we made the kitchen 42" longer, but this necessitated moving the electrical panel into an 18" upper cabinet;reconfigure the bathroom - with the laundry not moved out of the bathroom, we made the bathroom a little deeper (about 6"); moved the toilet slightly; shifted the tub about 18" and moved the vanity to the other side of the room;reduce the size of the living room window to an 18" transom window giving much more usable wall space;replace the broken windows with Energy Star certified windows tuned for their exposure;build an entertainment feature wall on the living room side of the stairwell.open-up both sides of the stair well (living room and hall by bathroom) - this allows for better air circulation - a necessity when we install the heat pump.Here are a few select shots of the process:Demolition begins:Repairing sections of wall:All electrical and data network runs were installed, then next came the insulation:We finished shifting our plumbing and patching the slab.Next we "leveled" the slab ... ok, we made it better ... and laid the subfloor:Note that we installed 4" high, plywood spacers around the perimeter to keep the floor ~1/2" away from the external walls.  

It looks like you may have captured a free floating full torso vaporous apparition there.What are your plans for the rehab, if you don't mind me asking?

When you start talking about crime rates or schools, it's real easy to drift into an area where you can get into trouble.What we're taught as real estate agents is to be the "source of the source."

This aggravated the guy that I had doing property management because he seemed to naturally drift towards to slum lord do the minimum possible mindset.   

In my case, not being able to rent it and floating the expenses long term.  

Realize the opportunities that are floating around out there, likely right under your nose, waiting to be exploited by whoever wants them badly enough.

Yet, they're still able to manage the interest rate risk by allowing the rate to float after that 5th year.