Not sure what your payback will be if you rehab, but if tenants come and go, I bet they will be content with clean, functional and fresh paint in a light color.

Aka any investment here, within reason, can be a safe bet. 

Dont bet on the market, bet on a variable you can control like property management, proper maintenance, well screened tenants, etc.

Mine is 15.92% IRR while you indicated Frank gets 16.17% IRR.It's not that far off and I bet the numbers are a little different because Frank maybe adjusting the Closing Costs a little bit down because the Price is lower.

After the PMI drops, I'd cash flow only 140 per month (again after all expenditures).I know I can't bet on appreciation, but am I wrong in thinking it could be a good idea to hang onto this place for a bit?

Then yeah, probably domestication is your best bet since you would have to pay the full realty transfer tax.

Zillow, Trulia, and realtor.com are probably your best bet for finding them on the internet without having to get that info from an agent.

Normal business hours are usually a safe bet, so if you present the tenant with a written (I would also send an email if possible, never rely on one form of communication) date and time block that you will be entering to show the property there is little they can do to dispute your actions.Always remember that they can always take to civil court and being a landlord/property manager is one of the most litigious careers in the country, so make sure to document the process each step of the way to best protect yourself and your assets.

I BET IT IS!

I'll bet that puts you ahead of 75% of the other investors out there that don't put much thought at all into post-acquisition property taxes and how that effects income.