As soon as anything goes wrong (which it does) it’s negative cash flow territory.

Obviously, nobody has a crystal ball, but I definitely wouldn't be shocked if you find yourself in "once-in-a-lifetime" territory in a year or two if the government chills out from pumping trillions into the economy long enough to see where we're at. 

Hey all, I'm new to real estate investing but have been working really hard to get educated and get my first deal. I've seen a few sellers but haven't ran across any that are willing to part with their property at my ...

That's certainly very aggressive on the principal paydown, but I would be afraid of running cashflow negative over the long run - even if the paydown, value appreciation, tax depreciation, and interest deduction still push the investment into relatively strong ROI territory without the cashflow.  

But, the partnership is new territory for both of us so we're trying to cover as many bases as possible.

They are also not a blanket rate for the whole area, if there are cheaper neighborhoods, the PHA can cap the rents in that area lower than the rest of their territory.

Memphis, TN, seems very appealing for a remote rental investment territory.  

We are in unchartered territory.

Maybe Pittsburgh isn't as competitive as other markets, but 44k seems like cash only territory.

I am used to running my own jobs (small ones) so this is new territory for me.