Yes, you have to consider those expenses and I'm not suggesting that you don't but why not 3% or 10%?

.: I've seen the pattern with Bay Area people moving out to Brentwood, Oakley and both cities' home prices have gotten expensive - I consider Antioch/Pittsburg as part of the Bay Area and now Brentwood.

In general, government will set the assessed value lower than market value at reassessment in order to neutralize appeals.

However, hauling away a truckload of items and cleaning beyond standard expectations could reasonably be charged to the tenant, as it goes beyond normal use.Goodwill Gesture: Since this tenant was great for 5.5 years—paying on time and caring for the property—you might consider waiving part of the cleaning cost as a goodwill gesture.

Since you can’t do a formal inspection, a detailed contractor walk-through and phased renovation estimate are key.Have you considered checking city records for past permits to uncover any unaddressed issues?

Make sure you have a bulletproof lease, treat the tenant fair but set expectations early on.  

Additionally, many deals tend to fly under the radar, so networking within organizations like NARPM (National Association of Residential Property Managers) can help uncover opportunities.If anyone reading this is considering selling their property management company in Texas, feel free to share—I’m genuinely interested in connecting.

If they try switching you to a regular PM structure or you're considering them for PM, run for the hills. 

Thank you @Drew Sygit, I hadn't considered the lien position of the lender in regards to the land.

We’re excited to learn more about the area and would love some guidance from those with experience in this market.Here’s what we’re looking to understand:Best Neighborhoods: Which neighborhoods in Queen Creek are considered the most desirable for rentals or flips?