From an operational standpoint you might also want to consider the cost of any extra tax returns that are needed by the entity as well as any extra accounting fees.Good Luck!

I have some rentals up and down the Fox River as well.

It's an estimated cash on cash return given current rental rates subtract expenses assuming 7% interest rate, 10% management fee, 5% repairs, 5% capex and other expenses like mortgage, insurance, tax. it's a estimate to tell you what properties to analyze vs ignoreyou can see the are pockets of negative returns as well as pockets of positive return. this is to supplement the data @Devin Conley provided

I am looking at cheaper homes that need a little more work as well. 

I’ve done 1 rental property and sold it to gain capital and did 1 flip that didn’t go so well so not 100% experienced to say the least.

I live in Manchester NH as well. 

To Sum it up, its a good idea if you can exceed the cost of capital (higher rate than your cost of debt) with what you earn on your heloc/debt you pull out and invest.The question is how much gains above is enough to substantiate the risk of your variable interest rate, well thats up to your personal investing criteria.

I live an hour away from Kingman and have a couple of friends that live and work there as well.

We locked the property up for $240k knowing full well that we were in for a lengthy eviction process.Massachusetts is one of the most tenant-friendly states, meaning that evictions take time—sometimes a lot of time.

Hi Rafael, I reviewed your listing as well.