The horse is "king" in this area with pristine pastures surrounded by white wooden fences.

Such safe income properties in this price range make sense when annual rent is 10%-12% of the property price.High Cashflow InvestmentsHere is an example: wooden frame house build in the 70's, selling for $35k and rented $650 per month.You should be aware that there is a qualitative gap in tenant sociological category when rents are lower than $900 per month.

Can I get a better assessment by installing wooden floors upstairs, putting up a fence, "improving" the kitchen, or having a perfect lawn?

Keep in mind that the buses here have bike racks so you could use public transportation and then ride the rest of the way.

Anyway, I’m planning on holding onto it, so let’s move along.General expenses: Property inspection: $425Flights/bags/ground transit for 2 people: $600Service main water valve: $389Service 2 furnaces: $200Paint materials both units: $370Cost of hiring friend who came along and worked 3.5 days: $500Total random home depot materials including light fixtures, electrical gear, primer, brushes, locks, light bulbs, tools, drywall, tape, etc: $1,820.Total: $4,304Unit 1 - Down Paint labor bedrooms, bath, and kitchen: $0 (friend from out of town did it for free)Installing fixtures, switches, outlets, cabinet knobs, doorstops, blinds, towel racks, bathroom mirror, caulking, etc: $0 - did it myself.Estimated cost if contracted: $1,500Unit 2 - Up Labor to strip wallpaper, repair drywall, sand, prime, and paint full unit (contracted out): $1200Installing electrical outlets/switches/fixtures: $125New electric stove: $200Refinish bathtub: $300Pull carpet: $250Total: $2,075Estimated short-term costs (<1 year) New roof Spring 2018: $8000Gutter cleaning and repair: $300New Floor in kitchen (estimate): $500Total estimated costs: $8,800Year 1 non-recurring costs to make it rent ready: $91,979Estimated mid-term costs (1-5 years) 2 new furnaces: $55002 new hot water tanks: $2000Misc: $1,000Total: $8,500*After the tanks/furnaces get replaced the building should be rock solid for 10-15 years at least, assuming no major disasters.Monthly expense breakdown: 5-year private money balloon loan on $87k over 20 years: $574Property tax: $215Insurance: ~$100Water bill: ~$60Sewer bill: ~$40Garbage: $16Rental registration: $6Lawncare: $40CapEx: $100Vacancy: $75@ 5%*I’m self-managing, therefore I’m not yet factoring in property management.Monthly Totals:Projected rent: $1,500 ($750/unit, but will shoot for $775 initially)Expenses: $1,226Cash Flow: $274/monthCash on cash return: infinite (more or less)ROI based on $18,000 yearly at $91,979 initial cost: 19.5%NOI: $3,288About the loan:I don’t qualify for bank financing since I’ve moved countries and jobs so much in the last couple years.

Boat slips themselves and racks (which actually can qualify for 1031 exchanges with real estate) were interesting but the HOA and taxes on them made the rent necessary for rental pretty darn high.  

Subterranean termites need to be killed where they live, in the ground.Remember that wet soil will also attract termites - so look for pipes leaking and plants/mulch that stay wet close to the building.In Florida, a wooden building that hasn't been treated for termites recently... has termites.

Its a wooden staircase with paint stains and scuff marks.

I usually buy the cheap stuff off the rack at Mrs B's or somewhere like that.

If you can, walk onto campus and check out the number of bike racks vs parking spaces, this will give you an idea of the percentage of the student body that walks/ bikes vs drives and the areas they'd be stuck renting in as a result.