Second, real estate investments generate a return in one of two ways - Cash flow and appreciation.If cash-flow is negative, is the appreciation making up for it?

I ask because as mentioned above if you have an investment that is  going to return 10%+ then does it matter what the rate is in the long run? 

Done right 2%/month return on asset value is possible. 

I would get together with your realtor, have them tour your property and then run comps to see what the value add would be, then simply pencil it out to determine the return. 

Analyzing an investment with the Cash on Cash return makes more sense to me.

The rapid turnaround exemplifies our ability to execute efficient deals while delivering solid returns for our partners.

We will be moving to the area late spring.

Also, to your point, it's easy to realize returns off 35k invested - especially when the principle payment year 1 alone is around 15k.

If your bottom line numbers on tax returns and W2 income are not strong however, this will be an abrupt dead end.

Personal Financial Statement Borrower’s Schedule of Real Estate – or- Resume illustrating experience2-3yrs Personal & Property Tax Returns – All schedulesPrevious Year and YTD Property Profit & Loss statement w/ detailed expensesRent Roll w/ detailed lease informationCopies of all Leases3mo.