How many clothes, shoes, going out to eat or similar, those ARE optional. 

Think on what a finance company would want to see if strolled in and wanted to get a loan against those locations.

I don't know all the numbers and I can't predict the future, but I wouldn't hold on if I were in your shoes.

Jesse, I understand your concerns and am not in your shoes.

The tenant has to know above buying the kids fancy shoes, paying the cable bill, paying the expensive car note, buying new clothes, new tv, vacation, concert that if rent isn't paid they will be homeless.Condition the tenant to screw everyone else if it comes to that but you get your rent on time or they are out.

I don't know if any of this may help but all I am asking is for Advice,Stories,Experiences,Tips,things you'd do if you were in my shoes etc.P.S.

IREM is a good resource for PM stuff.There is really a lot out there and it's also good to put yourself in the other persons shoes - whether its a banker, lawyer, another investor, etc. and ask yourself, "Will this person take me seriously or am I just wasting time for the both of us?" 

@Shane Rasnak I was in your shoes a couple months ago and I decided on Allentown due to the strong cash flows.

However, put the shoe on the other foot ... how would you get a good deal on a fixer with FHA if they won't even lend on a property with something as minor as pealing 3 yr old paint?

There is absolutely a dollar value to you as the owner of this property, and as others have said, I would be all over it.But I will go a step further: put yourself in your tenant's shoes.