And is it a wash?

That is how people start with a 6-unit and end with a 60-unit.Add Income Streams:  Look for opportunities on your asset to add income streams. i.e. laundry mat, garage fees, etc.Commercial Loan:  Once you've saved enough money for property #2, consider a commercial loan that will cover both assets. 

An investor I follow had finished a property renovation and placed tenants - then the sewer lines backed up while they were doing laundry.

This was particularly helpful in the laundry room which did not need to have the air regulated that much.

"Was he even licensed?"

For example, if you provide free laundry, prepare for your tenant to do some laundry parties or start a laundry business out of the house.Property managers may also not have the best treatment of the property since they understand the property would be in a lower value area, so I'd prepare for some excuses such as damage/poor screening not being their fault because the tenant pool is not good enough.That being said, you can still make a lot of money in lower value areas.

I see laundry listed as a room, but not under appliances or the listing remarks/description.

I have a couple pieces of advice but could write a laundry list of tips.

They have washed their hands of the property, forever.

Obviously, you have to have equity to take cash out, so the cash coming out is really your cash; so that is a paper wash.