While we don’t have state income tax here we do have the hurricane tax that comes with high insurance premiums and little real insurance benefits/help when it’s needed.

These typically include services like renters insurance, HVAC filter delivery, pest control, and sometimes utility management.

In my home market of Florida, our insurance rates have made it much harder to have positive cash flow on a CRE deal.

Insurance for sure wouldn’t cover you.Just a thought and I could be completely wrong!

You mentioned gross rents of $3400 per month and Principle/Interest/Tax/Insurance of $2500 per month. 

File lien if you find assets. (3) File wage and bank garnishment if you have bank account number and current employer. (4) In most cases it is impossible to find current whereabouts of the tenant to serve any papers (garnishment papers)(5) We have started asking for car insurance cards to get information on the car, the only asset most tenants posses.(6) We have not been able to find new address of any of the evicted tenants.

Assuming property taxes + insurance added don't go above $1,100 total, you could maybe make this work. 

Quote from @Mike Donovan: Found this thread as I am researching Landlord insurance as it relates to student housing.  

I’d hope that the inspection fee and markup would cover the costs you are mentioning.He sells all the renters insurance.  

Stability: Homeowners tend to stay in their homes longer than renters, which can create a more stable environment for families and children.