Having a judge or jury decide the case is considered something like going to the casino from what I've been told by attorneys.That is the risk to the landlord in having a bad PM that does people wrong.

I went back to Memphis last year for the first time in six years to find all is as advertised with very minor exceptions.We have picture inspections done every four months, cost $75, because I'm a trust but verify guy.Good people, good service.   

(b) more people dying than being born/ immigrating. 

I assume you negotiate the price same as any other purchase. 

But based on that area and depending on the size of your cabin, you may not be as far off on your price as people here think - even with your lower revenue numbers (assuming you didn't accidentally give us net instead of gross revenue). 

It assumes the property is Class A - which not a lot of investors are acquiring these days.Here's some copy & paste info about property classes:_____________________________________________________________________________Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

There are also many new construction townhomes all over Houston, so if/when you go to re-sale, most people can buy new for just a bit more (if not the same) than buy your used townhome.

assuming you use all cash - and setting aside closing and holding costs for now - you're in for 150K. 

I couldn’t tell you what rates are today but I assume they are competitive.

I assume it's better for the buyer's Realtor to present the info to the Appraiser?