You were made aware of undesirable conditions and made immediate attempts to address the problem through a capitol improvement not just a simple repair.

Properties within driving distance offer several advantages:Hands-on management: You can personally handle issues like maintenance, repairs, and tenant interactions, which is invaluable when you're learning the ins and outs of rental management.Cost efficiency: Without needing to rely on a property manager from the start, you’ll save on fees.Faster response time: Being local means you're close enough to address emergencies or inspect the property as needed.Starting with a nearby property often leads to a smoother learning experience.

@Travis OglesbyGet an attorney to write up the agreement between people whose it as it will list maintenance requirements, putting money aside for repairs etc and who does what.You will need to get everyone to agree as well.

Oh, and I would also interview a few local handymen to keep on call in the case something does need a timely repair (at least 2). 

They claimed the compressor was overworking, used an outdated refrigerant that’s no longer available, the indoor coil had a cracked pan, and the system was beyond repair.

I manage my own rentals and I also do all my own handyman/maintenance repairs.

The questions agents get from buyers and sellers may seem basic and even downright silly at times but that makes sense.I could try to fix my car myself but there's a large upfront cost of learning the relevant knowledge, buying tools/parts to make the repair, and the time spent in trial in error.

Do you know how much the repairs should REALLY cost vs just being told this is the price?

Poor managers fail to make repairs(or insist on them to owners), fail to followup on cleaners and fail take care of guests, therefore the reviews tank impacting bookings/ADR.

Impressive Rent-to-Price Ratios: Average rents for 3-bed homes are about $800-$900/month, potentially yielding 12-15% gross returns.Economic Transition: While historically industrial, Bay City is diversifying into healthcare, education, and service sectors.Revitalization Efforts: Downtown redevelopment and community initiatives are breathing new life into the city.Strong Cash Flow Potential: Low property taxes and insurance costs contribute to robust monthly cash flows.Let's crunch some numbers on a hypothetical deal:Purchase Price: $75,000Down Payment (20%): $15,000Mortgage (4.5% interest, 30-year fixed): $304/monthProperty Tax: $100/monthInsurance: $60/monthEstimated Repairs/CapEx: $100/monthProperty Management (10%): $85/monthTotal Monthly Expenses: $649Potential Rent: $850/monthEstimated Monthly Cash Flow: $201Cash-on-Cash Return: About 16.08% (not including appreciation or tax benefits)These are rough estimates, and individual properties will vary.