Maybe it's cashflow neutral due to the interim financing, and you refinance it to 'traditional' financing after a year.

The tax deferred nature of appreciation and the long term low-risk history of holding New York property make buy-and-hold at cash flow neutral, or even negative, compelling for investors with other primary sources of taxable income.

His annual ROI, if cash neutral all years, would be 27%.  

OP is getting $775/month and assuming expenses at 50%, he's almost cash flow neutral to positive since these are conservative rough numbers.Here's another idea that I haven't seen others post yet.

If a tenant repaints walls with neutral, nice colors and does a good job, without damage to the house, more power to them because it saves me a paint job.

I agree w @jay @Jay Hinrichs but want to add that I purchased a projected cash neutral re.  

In California, if you can get a neutral cash flow you are ahead of the game.

I am looking at a budget of $150-180K and looking at a cash flow or cash neutral property.

The OP can have the prospective tenant look it up online, and also ask the notary (from a “neutral” business location - not a possible friend of the OP) to explain what notarizing a doc means.If the prospective tenant would not be satisfied by going with a notary after reading 470PC (a felony, or at least a wobbler,) on top of the very acceptance of money for the property under false pretenses being a violation of 470PC (but criminals get away without being positively identified all the time) in itself, I’d, then, say that nothing would satisfy the tenant.I imagine that just mentioning the notary - without having anyone read the legal statute - should be enough.

I rent to employees and such but I have a property manager, they handle things like a neutral 3rd party.