My message back to the realtor:After reviewing the inspection report, here are my thoughts.

If you have it in emails etc. you could have a position - but as another poster mentioned, giving up $100 a month in rent to only paint two rooms is very very generous so I can see how they thought there would be more rooms involved.

Mount Airy in particular is probably the most difficult neighborhood in Philadelphia to learn and there's no way you can do so from a computer reviewing rental rates and crime assessments. 

We found this deal reviewing Loopnet and saw it had been sitting on the market.

If you really want to supplement your income, my thought would be to take out a HE loan (or some other 2nd position loan) and use that to fund a down payment on a property.

If you can hold on till first part of January the showings and everything else should pickup.This would be my action items: 1. hire a new agent that can sell the place, and get you numbers are rent and selling and sell the place. 2. be honest on the numbers you can get on an ARV so that you can sell it 3. start to get the conversation started with a couple lenders on what these numbers on refi would look like for you and this property 4. my suggestion would be to refi/rent before selling at a loss because if numbers work you can hold for a couple years then sell, but this is dependent on your cash position and liquidity of your situation. 

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

After about 2 weeks I took off the pet restriction because I read other reviews that highly encouraged it.

I now have $300k+ equity plus positive cash flow.

There are a handful of gulf front complexes that still cash flow positively but you need to be very careful as to which complex you choose as not all complexes and especially HOA's are created or managed equally.