You pay it, taxes, mow the lawn, fiddle in the garage, pay the mortgage, etc.

It's also nice to have the yard area separated with a fence, if is logical with your layout, because then you can make the tenants responsible for lawn care. 

Current tenants have never had rent raised.Leases:Unit 3: One year; expires August 31, 2017Unit 4: (did not scan; at home; will send this evening; pretty sure 1 yr lease ending summer/fall 2017.)Unit 5: 6 month, expires June 30, 2017 (just renewed)Unit 6: 6 month; expires May 31, 2017All rented.Asking price $135K2016 (est) Repairs: $1,100Improvements: $1500Rental income: $18,000Annual recurring expensesWater $840Trash $912Snow/Lawn $750Property Tax $2,700Insurance $2,100Rent (@ 100% occupancy)Units 1 and 2: $12,360($515*12)*2Units 3 and 4: $12,600($525*12)*2Total rental income at 100%: $24,960Improvements to units 3 and 4Roof 4 yrs oldNew toiletsHot water heaters 4 yrs oldFoundation drain installed both units 3 yrs ago; warrantied for life; transferableNew rugs; walls paintedImprovements to units 2Foundation drain installed unit 3 summer 2016; warrantied for life; transferableNew carpets and paintImprovements to units 1 and 2New roof scheduled for mid-January.I would appreciate any thoughts.Bill

Here is what we are estimating right now, so we would appreciate any feedback if anything is missing, not estimated high enough or much too high.Exterior- Roof, siding, lawn, driveway, etc. all in good conditionInterior- Demo $500 (removing carpets, flooring, etc.)Drywall Repair $1000 (various holes in walls and ceiling up to 1-2' across)Plumbing $300 (two new toilets, fixtures)Front Door Replace $300Electrical $300 (electrical box has a circuit breakers hanging loose)Interior Paint $2500Cabinets/Countertops $3000Carpet/Flooring $4500Kitchen Appliances $3000 (buying refrigerator, stove, microwave, dishwasher used)Totalling roughly $15500 and this includes labor cost.

@Peter G.Ran your numbers and I get pretty much the same, even assuming capex, property mgmt, sewer, lawn care, using all cash.It's just cash flow positive with a 30 year fixed at 25% down and 5% interest rate.

The first two lines read:(1) As used in this rule, "advertising" and "advertisement" include all forms of representation, promotion and solicitation disseminated in any manner and by any means for any purpose related to professional real estate activity, including, without limitation, advertising by mail; telephone, cellular telephone, and telephonic advertising; the Internet, E-mail, electronic bulletin board and other similar electronic systems; and business cards, signs, lawn signs, and billboards.(2) Advertising by a licensee, in process and in substance, must:Line two makes it seem like regulation is applied if you are advertising as any form of real estate professional.

One person stood in the bed of his truck, relentlessly stabbing at the ice packs with a metal lawn rake.

Maybe we're your reno cost last year was artificially low?

If you owner occupy for a year with intention of making it a rental later, you could get caught in  a rule change.On the other hand you don't have to hire out snow clearing or lawn cutting, and don't really have to budget for exterior maintenance long term.Duplexes in the area are often older buildings and may have deferred maintenance.  

If you get worked up on how clean your tenant is, or their general lack of concern that the lawn does not look  like a manicured golf course then it is time to hire a property manager.