And honestly, I've been landlording for 6+ years and mostly a piece of cake with occasional hassles.

You should also take it upon yourself to make sure the property is fairly valued, in a good neighborhood for rentals and the tenants are paying a market rent, that the rehab was done property, the tenant was properly screened etc.With TK you are buying long term cash flow, not appreciation, appreciation is icing on the cake imo.

It only appraised at 111k and you have to pay 110k with an old roof as icing on the cake?

Its no cake walk and the valuations on a lot of stuff are going to be up there... 

@Jordan Butts So it sounds like you already own it, can pay the mortgage, and any income would just be icing on the cake. 

So you can have your cake and eat it too.

@Andrew Johnson Thank you very much for the feedback and the excellent advice.I wouldn't say I'm trying to have my cake and eat it too, just more looking for a market with solid cap rates (maybe not excellent but good) and modest appreciation potential (vs living at the extremes).

I hadn't thought to look that up, so to me it was an insightful comment.I think you are talking about the advantage of appreciation, but that is icing on the cake to me.

It seems to me that FL, NV, TX, and WA would be more appealing now (they were appealing before, but this is icing on the cake). 

For the investment property, you can use a 1031 exchange to (perhaps indefinitely) defer the capital gains and unrecaptured depreciation taxes if you acquire a qualified replacement property.You can have your cake and eat it too.