The cleaning and repairs cost a conservative $2,000 because you did all the work yourself.

Some rehab loans offer 90% of the purchase price and 100% of the rehab costs.

You might want to partner up with a friend or family member to mitigate the costs.

Cost of construction is expensive and about to get worse.

How about opportunity cost?

Contrary to most business lending, the REI industry has a lot of "non-bank" lenders that provide attractive loans that can lower your cost of capital and improve your profit/cash flow. 

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.

I had to go that far away due to the insane cost of real estate in Boston, so I fully understand the predicament.

Centralize your back office / use remote employees / VA where appropriate to cut costs and improve service levels / responsiveness.  5.

@Franklin PerezGetting your real estate license can be a smart move if you want MLS access, networking opportunities, and savings on commissions, but it comes with costs and disclosure requirements.