In my opinion, Dave is overly optimistic assuring you that you can easily insert a partner the morning after. 

Add in China's bank runs and troubles, I think that people are a little too optimistic and this is something to definitely think about.

I still think I'm going to have a tough 6 months ahead, but I am optimistic.

Your analysis is pretty optimistic, @Craig Mutz.

Maybe it's under rented but I agree with John that $1400 is a bit optimistic. 

Seems optimistic but even half that would be an improvement.   

We are being optimistic, but realistic as well in terms of the outcome, and at minimum we have learned some very valuable lessons to use should we invest in future short sales.Thank you all for your replies, which have been very helpful!

@Ben Leybovich“I’m uncertain of the market over the next few years but over 10+ years I’m very optimistic of real estate.”One can be optimistic of real estate in the long run and pessimistic in the short run.Also, whether you’re required to hold for a long period or have the optionality to hold for a long period, your risk and market volatility is reduced as outcomes resort to the mean as time continues.

You've made me a little more optimistic overall.

And closing costs of $4,200 work out to 1.2%, which seems low for attorney's fees, appraisal, inspection fees, pre-paid homeowner's insurance, origination fees, pest inspection, pre-paid property tax, recording fees, survey fees, title fees, transfer taxes, etc.Not sure how old the property is, but CapEx + Maintenance of 14% feels optimistic to me.