you'd lose the low rate, and i assume your cash flow would go to 0 but at least you would be able to pay yourself back for the repairs. 

Depending on long term gain, sometimes paying $350/mo is not bad (until you have repairs and or vacancy).

Sharma,Just a few things on the surface the deal looks great in terms of gained equity for the price plus injected costs to renovate/repair.

Yes, you might make more gross income....but when you factor in the added wear and tear, repairs/maintenace, and increased cleaning fees....are you really netting more money? 

Do they constantly take out of your rent for minor repairs that you can do yourself?

They have almost no reviews.With 6-7 residents, how often should I expect to need repairs? 

They will make cheap/easy fixes or they will discover your specific problem isn't covered by the warranty and you'll have to pay for repair/replacement anyway.Most property managers will not manage a home with a warranty because of the rejections, delays, and poor work. 

Purchase price was $110K, plus $10K in repairs.

The house does need cosmetic repairs but has great curb appeal.

I wouldn't worry as much about the age as I would what it would cost, how much it would rent for, how well it is built and when major repairs will be needed (ie how long will the roof last).Also for the two-are they both condos (ie strata/condo fees) or is one freehold and the other a condo (ie one has condo fees and the other doesn't)?