The first thing that popped up in my mind was that usually there is a HOA involved and should be carefully checked out with regards to their experience and do they expect any near term or long term increases for capital expenditures in their fees and do they have any rental requirements or restrictions? 

This makes the deal cash flow even better as I don't have to account for capital expenditures or vacancy.

The other things to consider are capital expenditures, property management, ongoing maintenance, vacancies, & utilities.

If my methods prove to be effective, and I get it rented out fully, I will purchase the property.Now my only risk is the minimal expenditures I will have for marketing!

I'm sure there has been a neglect in capital expenditure department.

IE didn't plan for vacancy or capital expenditures.  

I am expecting some larger capital expenditures over the next 5-10 years that would estimate to cost 25-40K.  

This should be covered by accounting for capex (capital expenditures) which include the new roof, furnace, etc that you will need every X number of years to extend the useful life of the structure.

Know your expenditures and your gross intake to learn abut your NOI (net operating income).  

Anything that someone does not need to physically be here for, save yourself the expenditure and outsource it.