Cash flow can be great if you manage it well and keep occupancy rates high, but factor in the added costs of management, cleaning, and potential vacancy dips.

Sure you can get away with it , until a home inspector looks at the dates on electric wire , or pvc pipe . 

Stainless steel appliances, cleaning service every other week and I am johnny on the spot with repairs.As a result my vacancies are not that bad even with a model designed to be somewhat transitory. 

I underestimated utilities in my early years, so I ensure those are properly captured (electricity, gas, water and trash).

I want a resort style feel, clean neighborhood, golf carts, and pool a plus .

The truth is, they will keep playing games and milk you for every penny they can, then they will leave the house a mess and cost more with cleaning, repairs, and vacancy.

The property has 2 electric meters and one water meter.

Definitely do homework on making sure you can get a clean title and make sure that the foreclosure was on the first lien.  

For a one-bedroom, cleaning alone would cost around $200.00 in NYC.The fact of the matter is many landlords do not know the going price for labor and supplies. 

When we create our business plan, we also include our exit plan.We'll only proceed if we can clean this up, acquire new tenants at higher rents so we can increase our NOI, which in turn should reflect our cap rate and profits.Since this asset class is new to us we will tread cautiously.Scheduled to preview tomorrow.