You'll want the rents to at least cover the monthly principal, interest, taxes and insurance (and HOA if there is one).

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

We screen heavy and have never not got paid.

Quote from @Erick Pena: A "good" rental property is one that covers all expenses (mortgage, taxes, insurance, maintenance, property management fees, and any other costs) and still leave a surplus (commonly referred to as cash flow).Calculate cash flow as: Cash Flow = Rental Income − Operating Expenses − DebtThere's much more to it, but that's the basic idea.

I hope that covers your question(s) Thank you Cari.

As long as the rents can cover both the current PITI and proposed P&I payment, credit is at least 680. you should be able to qualify. 

What you want to check when signing up a PM is their indemnificaiton clause on who covers who in case someone does something wrong. 

So, he's claiming the home warranty won't cover... fine, what's the repair cost?  

My general contractor told me to charge her a $400/month pet fee for four months –which would allow me to save up $1,600 to cover damages- and then give her 30 days notice in May when it will be warmer and faster to fill a unit.

We have a Chicago general contracting business, and handling the field operations is a ridiculously heavy lift.As far as finding customers I think you'll have some good success with gorillia marking at some of the local investor meetups.