I stumbled into real estate investing while looking into ways to make passive income to supplement my regular job. 

The previous owner seemed to aim for the student niche and those renting for the first time.

This means you cannot use the money in your own interest, so these accounts will likely be a good supplement to investing you do outside of retirement funds, not a replacement for it.

I would aim lower for a first play.

Would we not all supplement our good tenants rent by $200/month.If a landlord is operating a business in which costs rise annually why would they consider lowering their tenants rent when the market does not warrant it.

Plus hold money for property taxes plus the dreaded supplemental tax bill that will inevitably show up.

As for market rents, unlike many landlords I do not believe a well run business supplements tenants rent.

Eventually, I would like to supplement enough income to scale back to a 40-50hr work week at my job and break away from the turnkey side of it to further maximize returns. 

Aim to establish contacts to help you (contractor, agent, PM, etc) within next 3 months. search for a home for 3-6 months (that meet your risk level) and close.  

We aim for good cash flow and get it.