If the listing agent gets extremely nervous at the mention of FHA that may be an indicator there are known things that screen out FHA (FHA will back out on such b.s. as chipped paint).If FHA ends up not being doable rework your vetting calculation for cash on cash return using the conventional numbers. 

Blue Chip properties will always outperform low income and low rent properties with the exception that you can get low end properties for a steal.

Properties cost more in California, but California is still the best place to invest because people have the cash to pay the high rents and experienced investors in California consider properties to be Blue Chip properties.I won't lie.

Buyer has to chip in more cash to buy, risky.How are other investors doing it?

Not because both are gambling, but because both have the same definition of what a loss is, and both have the same rule for avoiding that loss.Question:  If you sat down at a Poker table with a stack of chips, and after the first 5 hands that stack was cut in half, how much money have you lost?

I don't intend to over leverage myself in this market, yet I'm hopeful some veterans can chip in their two cents on the current market (it doesn't have to be in Indy) and and tell me if I'm being rational given the figures provided. 

You do not want easily-chipped exotic granite counters with complex edge treatments.

I had asked neighbor to chip in 50/50 but they declined so cost of fence was on me.

If you take care of your units and especially are on top of making sure there is no chipping paint, I have found that they will always find something small but it is easy to fix. 

That is a lot of damage for a 12 month term, especially the chip/bare wood marks.