I worry that an extended vacancy or unforeseen large CapEx could turn the investment sour, though.

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@Michael Plaks many people miss the "unforeseen circumstances" part of this rule. 

Seems like a winning “forced appreciation” situation, barring any unforeseen systematic recession.

I don't have time to read all of this but you may qualify for a prorated amount due to "unforeseen circumstances". 

They key is (in either case) you must conservatively run your numbers and have a buffer to account for the unforeseen. 

He may be exempt if it is for some unforeseen reason, like a job change, health, divorce etc.

Add a cushion (maybe 10%) in case you haven't done so to cover unforeseen costs and overages.2.

With the property being on the low end of the Champaign/Urbana spectrum and your repair budget being tight any unforeseen repairs would have quickly put this project profits in the red.  

I suggest knowing the numbers, or the process will fall apart at an unforeseen snag.You mentioned Mass, they have a down payment assistance plan in place.