In a perfect world  you won't be paying homeowner pricing but contractors are aware of the value they are adding and aren't afraid to up their prices especially if they can tell you are a newbie.Next - everyone on here is looking for a mentor. 

Look through the marketplace here and you will see many. 100% agreeIn upstate NY it does NOT have to be a bad area to find what you are looking for Was just at an auction and a former bank 3 stories in perfect condition sold for 35kIt really is a gold mine but I only am there in the summer and have even better things going on in FL for my money But if that is what you are looking for take a couple days and drive between Buffalo, Syracuse and Rochester.  

Investment is $15,000Monthly interest only payment of 1%, $150.00Principal of $15,000 returned after 12 months $1800 return (12% annualized)Secured by note and first lien mortgage Perfect for the first time Private Money Lender.

Granted, it will be taken care of by the management company so I suppose this should be an non issue if I have a good management company.Numbers wise, these properties make perfect sense.  

It's been sitting on the market for a long time relative to almost all other homes in the area and I'm wondering if it's the perfect time/opportunity to put in an offer.

Perfect!

water and food shortages, public transport etc etc etc....have some compassion and make some temporary concessions on being a strong businessman and landlord.I would basically give them a one time "get out of jail free" card for late payment.... make it perfectly 1000% clear that this is a one time deal due to extreme circumstances...don't try and push it or there will be an eviction started.If they have been a good tenant and have had the respect to give you the "heads up" that they were going to have an issue paying on time, that counts for something with me....I know this is business and when you give an inch, tenants will often continue to push the envelope and take a mile...if they see you are "soft" they will exploit it.....but this is an extraordinary situation that just doesn't fit the rules.......

@Mark Benevento it won't hurt to call the Realtor back, see what type of prospective tenant they have, it may be exactly someone that fits perfectly in your property.

There's no perfect answer, because it will vary widely by location and the actual property. 16%-18% pre-tax profit (of sales price) is a pretty good rule of thumb.

In your ad you can't say that this property is close to "The So-and-So Church", or "Perfect for couples" or anything else that would show that you are targeting a certain type of people.I specify that income must be at least 3x that of the rent, and since my rent is on the higher end, I usually get better people wanting to apply.