Summary of expensesNOICap Rate Condition of the building systems  

Will likely take longer to close than a traditional hard money (they have to order an appraisal, satisfy lender conditions etc..).

For this deal to work under those conditions, the purchase price would need to be closer to $179k.With your original assumptions 249k, the deal is marginally acceptable but not great, given the negative cash flow in the early years.

On the plus side the rare times a Section 8 tenant moves the unit is in rent ready condition because it hasn't been ignored as occupied for 6-10 years.

Appreciation, maintenance, neighborhood, eviction rate, proximity, condition, etc.

I have little confidence in turnkey providers, deals are already hard to come by, if they take another 20% cut before.. much better to buy a property from an owner that is in good condition.

Weather it's helping with a fix and flip or mowing multiple rental properties' lawns, I've been around my parents real estate journey my whole childhood.

The weather is great there, its cheap and ecology is clean.  

The main condition was I had to have the downpayment (20%) first, close the deal, and then execute the owner financed 2nd mortgage. 

-Structural (foundation, wall, ceiling and floor)-Roof and Exterior(Roof Condition,Gutters and Downspouts, Siding, Windows and Doors)-Plumbing (Water Pressure,Leaks, Drainage, Pipes)-Electrical (Wiring,Outlets and Switches,Breaker Panel, Lighting Fixtures)-HVAC(Air Ducts, heating and cooling)-Water and Moisture Issues(Attic, Mold and Mildew)-Kitchen and Appliances-Bathrooms-Pest and Insect Problems-Safety Features