We have also added french doors to the office, a paver patio outback, and some new finishes on cabinets.

Our full-time acquisition team goes through every on-market property that comes available in our markets and only sends the ones that when preliminarily analyzed make sense for our system, so that you are not spending hours going through hundreds of properties a week that would never meet the criteria needed to successfully micro flip (like I discussed on my recent Bigger Pocket episode).

If you might lose a hundred or two a month, then A) can you afford that comfortably with your current W2 and B) is the property at least in a good location that has appreciation potential over the next 15 years?

I personally like to have at least a few hundred dollars a month in positive cash flow, so (assuming your figures are correct) I'd say keep it and rent it for sure.

For me, I'm a very conservative investor and may look through a hundred deals a month, and at the end of the year only invest in 4-5.

Kitchen/bath cabinets. 

Private Mortgage Insurance this adds hundreds of dollars a month to your payment. 

Most recently Zillow threw epic resources into a direct "war" on taking over real estate transactions, and all Zillow achieved was finding a fast way to loose a few hundred million. 

The market is a bit saturated, and there are a few hundred units under development right now, so that may get a little worse before it levels off.

CA for instance has hundreds of thousands of paper lots that were created between about 1900 and 1935. these paper lots get sold at tax sale all the time and its where a lot of the land geek type of players toil.