Here's the scoop:The house has been a rental for @ 6 years with decent income; clearing @ $6k + annually; no mortgage; current market value @ $160kI have probably broken even at this point with initial cost and all (many many) upgrades;  have no idea what the tax situation will be if I sell; would not be able to use 2 year personal residence - no cap gains rule.  

With proper management and updates, I should be able to increase gross rents by $160 monthly ($1,920 annually) after the first year.

I usually send a friendly greeting and link to an application, along with a list of credentials needed ($25K minimum gross annual income, 650+ credit score, and a clean background). 

It's a long read, but gives the story of how we used our VA loans from 2002 until present to buy and hold single family residence investment property.BLUF:  Today we have $13800+ $16800 + $16800 = $47,400 gross annual rental income but minimal monthly cashflow with mortgage and property management.

Breakdown:Sale date: 4/4/2018 Under contract (as the Seller): $65,000Closing Cost 7%: $4,500Net income at sale: $60,450 ROI: 31%Annualized ROI: 37%Total Profit: $14,771 The reason this made sense was the ability we had to use multiple strategies.

Income of Recently Discharged Veterans (continued) (2) Voluntary Separation Incentive (VSI) Annual payments Taxable in the year received Include in effective income Calculated by multiplying the veteran’s years of service times two Requires a minimum of 6 years service (equates to a minimum of 12 years annual payments) If the veteran receives both VSI and VA disability compensation payments, the VSI is reduced by the amount of disability compensation.However, if the disability compensation is related to an earlier period of service and the VSI a later period of service, the VSI is not reduced by the amount of disability compensation.

-  Rent would be approximately $1,350 a month (3b/2.5r and two car garage) and owners current annual expenses are approximately $5,500 with taxes, insurance and HOA fees.- HVAC and hot water heater are 15 years old and appliances are that nasty beige and needs new carpet and paint

I find it hard to generalize except on a couple of things.If there is an outside, read professional management company in place they charge a fee and will have a minimum dollar amount that they will accept for monthly/annual fees.

My choices are:PNC Bank - 5.37% APR. up to 89%. annual fee $50, but waived since I have a qualifying checking.

You would need an appreciation of 4.5% annually to hope to break even when you sell.