As my GC says: "if it's stood straight and true for the last 100 years, it'll probably make it at least another 25".Don't get me wrong; there are plenty of issues/problems/quirks that old houses have that new houses don't, and an old house can obviously have hidden problems and big repair/maintenance bills too--which is why thorough due diligence is fundamental to REI...but, the point is: a new house is not a foolproof solution to repairs/maintenance headaches (and in some cases, a brand new house can be a much bigger gamble than an older house).Good luck out there!

I could sell the house and not worry anymore about all its quirks or repairs needed.

I basically have $50k cash that I can invest, and this had seemed like a great option.I'm assuming (probably incorrectly) that once I purchase the property, Morris is out of the picture and I'm working with the property management company.  

Some of these ideas could get you into serious legal trouble if done incorrectly, seek professional advice.

These #s dont seem to work - am I doing something incorrectly?

What I have found from my experience in the past few years of getting into REI is that this mentality is (in my opinion) partially correct and partially incorrect.

Most ofthe time investors will want to buy all cash and leave their cash in the property thinking (incorrectly) that it is safer and doing the most good since they have no debt on their property and 100% equity.

1% rule is just a valuation metric used incorrectly! 

I've seen outrageous estimated rents, grossly incorrect square footage numbers etc.

The one think I will say there isnt a bunch (im sure someone will say im incorrect) of cash flowing properties on the MLS etc - you would need to get it off market as south florida even up to PSL is more of an appreciation market presently