I just maybe have been lucky but the age does not scare me if the price is right and the inspection comes back clean. 

One of the side benefits is that I can avoid the whole draw/inspection process (not overall inspection, just the ones tied to the draws) and don't have to worry about draw fees.

This includes preparing the property for renters, pricing it right, marketing, application screening, collecting rent, dealing with unpaid rent and other lease violations, security deposit disposition, inspections, and so much more.

Quote from @Yaroslav Shtogun: Good morning,Some updates, we did home inspection and the house is not good condition since it was built in 1950 and was not maintained well.

Plan to make some tenant improvements to push rents closer to market rate for the area.

.- PM is contractually obligated to perform annual maintenance/inspection to keep property in top shape. - PM provides a cash based accounting report every month, for every unit under management, that clearly labels all rent, all expenses, including management fees, and the net directly ties to the amount of money deposited into my bank account.- PM is a licensed handyman, or has them on staff, and takes care of most unit turn work at a reasonable rate. - PM has no breakup/termination fee- PM does not take project management fees, except on large or complicated CapEx projects exceeding $5,000. 

Short of that, it'll more than likely it'll be closer to 20%.

I am considering offering him $1.8m with a low (or no) down payment and seller financing at a low interest rate so I can at least break even on cash flow after getting rent closer to market value and with upside potential as a MTR and strong  appreciation opportunity.

I do have several S8 rentals, while they are generally performing well, there is more paperwork involved in the leasing and the strict inspections can be quite a pain. 

As we push closer to the mean, and revert back with some dropback I'd say it's the top 8-10% towards the end of this decade that can invest.