I'll give you a non-cash flow real world example by comparing my very high priced Brooklyn Real Estate to a friend who bought in a high crime, higher cash flowing property in a bad part of Queens (Far Rockaway).Over 20 years, my properties ran like a well oiled Machine.

I highly recommend doing your own property management before outsourcing, especially if you only have one rental.Oh, my advice, set aside as much money as you can and devote as much time as possible to become a landlord master... better yet, a supreme cyborg landlord master—half human, half machine!

. $350,000 at a 15-16% (projected) cap rate with room to expand the net a few ways (storage units, coin laundry, coin laundry detergent dispenser, delete the cable that is included in their rent *never heard of that one*, possibly a soda and candy machine in the laundry area since there is no convenience stores nearby etc); With all of these changes I'm hoping to push it to a 18-19% cap rate. 

This fuels the deal machine.

Of course folding, sealing, and adding postage would be quite labor-intensive, but I think I might also have access to a folding machine, and in any case those are the sorts of tasks I don't mind doing while watching TV or something.I've done some research and think I have a decent understanding of how to get bulk mail rates with folded self-mailers, and how to save even more on fees by adding a barcode (probably by using the free USPS IMsb tool?)

It was a chiropractor office on the lower level with an apartment upstairs that still has the x-ray machine/equipment and patient x-ray films.

You hate it because you have been in it for such a short amount of time, once you get to a point where you hire out everything and build a machine that finds you deals to wholesale the process gets fun. 

set a standard: 10% return (even if you are not using your own money and re-cycling it): then you will no longer guess: this is important: bc it will be very easy to set the systems : this way your business becomes a money making machine: In the future, once everything is systematize: someone will call you with a "good deal" and you will simply plug in all the numbers and in a few mins you will be able to figure out if the deal is a good deal for you or not. 

@Paul Sandhu Now that is a well oiled machine (I'm referring to everything but your cleaning lady so no offense). 

That gives the option for a tenant to provide their own, in which case they are liable for their own machines, or they can give you money for a washer and dryer.