The 1% Rule is a general, broad brush analysis tool for estimating if a property will operate at least at a break even level. 

I evicted the tenant, put in my own tenant (single guy handy-man going through a divorce) I trimmed out the brush surrounding the house and had him cleaned it out.

I would think on a forum like BP more of us would be encouraging the youngster to brush up on fundamentals, rather than 2006-style risk taking.EDIT: If you read my first post carefully, you will realize that im not 'naysaying' im actually encouraging OP to educate himself

Think of all of the earthquakes the property made it through(potential landslides & brush fires that didn't hit) from 100+ years and its still standing...Kudos,Mary

Gutter pieces, fittings, hoses, knobs, valves, vent covers, trim pieces, paint brushes, screws,...on and on We spent 3k just on dumpsters and cleanup.  

I dont need to have a lot of money to start nor do i even have to pick up a paint brush during the rehab.3.

I said I don't know about that, I'm the fuller brush man, paused then said just kidding then said that is true but the next contact you will get is a notice of trustee sale and they will sell the house at a foreclosure sale and that day someone else, not you will own the house.How about you give me a couple of minutes and I will explain what is going on.

He didn't even brush the subject under the rug when we initially asked, he speculated about what was going on with the place.He seems like a decent guy, but it just didn't quite feel right.

I'll have to brush up on Dodd/Frank however.The plan is not to gut the kitchen/bath.

Those are just things you have to brush aside.Once you properly handle this situation, and get the stress of potentially losing a good tenant out of the way (and get someone who's not frequently causing trouble in); you will feel 100x better!