The only thing I had to do was fix their heat which hadn't worked in a year (bad thermostat, $20 fix). 

It will take about 15K in repairs (new heating units and partial roof.)Feedback welcome!!

Check roof, termites, mold, heating system...

The exterior has asbestos siding so risks of it existing inside are higher but there's no old tile/heating ducts. 

.- It has been for over 60 days in the market- Bank lowered the price just yesterday- Comps from Zillow (similar sold houses) are all above 80K- Area does not seem great, that's why I'm mostly looking at selling it, not holding to it.Findings from listing agent:- It needs AC/heat unit- No idea of when the roof was replaced but it does not have signs of leaks- It might need some work inside, seems to have been a day-care before.

Option 1) buying in cash for self use 3 year cost/gainGainsestimated 2% property value gain per year on $200,000 (cash cost of house) = $12000losseshouse insurance per year $1000 = $3000property tax $2000 = $6000heat and water = 700/year average = $2100 lossupkeep of house = $3000 (3 years)total loss =  -$2100 (3 years) ------------------------------------------------Option 2) renting an apt/house for self use 3 year costGains $150/m maybe on $200,000 bank interest gain = $5,400 (3 years)Losses$1000 per month = $12,000 = $36000 (3 years) (no heat and water costs, no home insurance, no property tax though)total loss =  - $31600 (3 years)-------------Option 3) investing to rent out house entirelyprice of home $200,000 gain $12,000 rent per year at $1000/m = $36,000$12,000 % increase per year value = $36,000(at estimated 2% value per year increase)lossinsurance per year $1000 = $3000property tax $2000 = $6000 (3 years) $150/m maybe on $200,000 bank interest gain = $5,400 (3 years)heat and water = 700/year = $2100 loss (3 years)upkeep of house = $3000  (3 years) total potential gain $72,000 over 3 years - $19,500 losses Total gain =  +$52,500 (gain in 3 years)--------------------------------------------------I never really realized there was such a difference.

You may also see older heating and cooling systems, roofs that have a bit of wear and tear and parking lots that need repair.

As far as Pottstown is concern it can be a tough city.High taxes, lots of homes with oil heat (which can be tough on tenants) and low property values.

These rentals are in the central Texas area so conditions like blizzards, snow, prolonged moisture, and extreme heat are not concerns.

(Cons) they will need to sell their house and they are just about even on their equity and might have to come to the table with a check, they need at least two weeks to get their house ready (2/27/2016) to list and we wanted to list our house in 5 days 2/15/2016 before the spring market starts to heat up!