Even if you are extremely dialed into the "wholesale" market, it is tough to find a deal that you are going to live in because you aren't rational about it.

Just can't rationalize the expense for this type of training from any perspective.

I threw you numbers into my modelling tool with the following changes:I used the ask price: 180Kmaintenance - 10%vacancy allowance - 10%Insurance - 1K/yr {rather be too high than too low}lawncare/snow removal - $75/mth,  $900/yrHydro (House) - $100/mth, $1200/yrWater/sewer - $85/mth, 1020/yrGarbage - $85/mth, 1020/yrMortgage: an LTV of 75 and 6.0% interest rate with a 30yr amortization.an opportunity cost of capital at 8% a 15 year hold period.Did not count laundry revenueThis brings your OE to ~1025/mth,  ~12,300/yr  ... an operating ratio of ~43% ... which strikes me as low, but wonderful if true.Just to be pessimistic, I added in another 2000/year of misc expenses to bring your operating ration to 50%With all of the above in the mix, I get a debt coverage of ~1.4 and a CoC of 10.5%  Which is passible.If you could purchase for 165 to 175K and the real expenses are closer to $12-13K/year, then this is will be a good investment with the following caveats:- I did not budget for upfront capital improvements that you would need to do at purchase;- Since I know neither the market nor the property, I modelled with no property value appreciation and no rent improvement.

I started with one project and it just keeps snowballing based on my tastes/preferences/rationalizations.

The rent-to-value rations here are completely out of whack.It would be very smart of you to do a 1031 exchange into other markets that generate better cash-on-cash returns.Nevada and Arizona used to be great markets, but less so today with the low inventory levels there and particularly the rapid and large price increases in those markets over the last 24 months.

My cost of capital was essentially opportunity cost - and that - I can rationalize down to 1% (the $$ was in a liquid account).

Only after understanding your local market can you make a rational decision about each specific deal.

People buy and sell based on emotions and then rationalize they decisions.

As you point out, it's not rational to pay it off since the interest charge is so low.

You are correct on the pro-ration.