On another note your “numbers analysis” may not pan out when you take into account repairs needed as revealed by inspection reports; and this may be the reason you don’t move forward without further seller concessions.

Have 2 deals on table approved stage one just dont want payout more $ for verification on stage 2 if this is BS

Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started.

Prior to anyone submitting an application ensure you share your rental criteria clearly ( i.e. credit score, your preference on acceptance of rental collections, evictions, felonies, misdemeanors, pets etc. ) as well as sharing any additional charges ( i.e. monthly pet rent, pet deposit(s), security deposits, admin fees etc. ) people unqualified will usually "walk" as this stage and that is where you will save time. 3.

For example, let's stage an empty room, remodel a facade, do a new bathroom idea etc. 

Hi Seth Sherman thanks for your cautionary tale--- I am open to other buy and hold scenarios and will keep your comments in mind during deal analysis!!

Driving for dollars can be an effective strategy the costs (gas, time, energy, materials) have to be added to the deal analysis. 

To enhance its appeal, consider staging the property or making minor renovations to modernize it.

They are building/selling condos now which I would jump in into their early stage (even before they are built) to get a better deal.If you already did please tell us how it went!

What's missing from @Scott Trench's analysis is that oftentimes, GCE legislation is often coupled with rent control (as it is here in NYS).So, you have to keep this tenant just so long as he is paying, but hey - you can only raise rents 3% per year, and by the way, your city, county & school taxes are going up incrementally more.