Hi @Nicholas Jestus,The downside is that you make a decision based only on one piece of the puzzle.

As for whether we rented below or at market rate, I will take your advice and discuss with a tax accountant experience in real estate as I want to ensure we handle that piece of the puzzle correctly.Thanks again for your time and help!

R/E investing is one piece to the puzzle, but if you don't have a solid understanding of personal finance you'll only get so far.  

She then looked extremely puzzled and asked "What's the difference?"

SB,I've got to admit that your math puzzles me.

It's like trying to solve a puzzle without all the pieces. =)"I have not failed, I've just found 10,000 ways that won't work." ~ Thomas Edison

For those with all the pieces to the puzzle, new construction can be a great route.

Does this fit in with the puzzle of FM/FM and the banks being nationalized?

Guys like @Derrick Craig can get very marginal areas to perform but in the main for out of state investors finding the best PM you can is arguably the most important piece of the puzzle.  

If all else fails you pretty much have to go find the pieces of the puzzle yourself: track down utility consumption figures from each provider, confirm property tax amounts with the municipality, and try and estimate what you expect you'll need for R&M and CapEx - this can be tough if you don't have a lot of experience but it's still a necessary exercise even if the seller does have solid financials to share.