But with unemployment already unusually low, it would take a pretty dramatic rise to cause home prices to drop.Curbed article on no market crash coming

Bought it for $209,000.i have dramatically remodeled the building in under a year and doubled the gross monthly rent income.As of right now I have a cap rate of 14%.

Each of these variables will dramatically change the advice I give the individual asking me this question.

The idea here being, that these things would likely not need to be addressed until after the mortgage is paid off, at which point cash flow will increase somewhat dramatically.

If you purchase and get the rental prices right, that should cover your mortgage and expenses for the year(obviously maintenance can vary dramatically from one property to the next).

Nevertheless, I live in the Dallas/Fort Worth, TX area, which has traditionally been a lower priced area, and have mostly bought locally, but even in places like this, prices have risen dramatically, and it's getting harder to get good cash flows.  

Some people will wreck a whole day or 3 dealing with dramatic tenants over small crap. 

This is a mistake in my opinion and the ceilings should always be painted in flat white.Secondly, the photos are horrible, they are small, not professional, and not in the best order of appearance.Lastly, any kind of staging or at least light staging will dramatically improve the visual appeal of both photos and physical walkthroughs by potential buyers.Last item could certainly be price and I will not speak on that as I am not familiar with your area to have an opinion on it. 

Yes your profit increases if you participate in the build, but your risk is dramatically higher and you do not control the outcome at all.  

Each of these variables will dramatically change the advice for the individual asking this question.