The area is decent, and comps are in the $120-$140k range. 

That two year period also gave me sufficient time to learn a lot about the different investing strategies, to sharpen my deal analysis skills, to continue to develop relationships with property managers, agents, banks, contractors, attorneys, and tax strategists, and to really lay out a plan of attack moving forward.  

The property was within our price range and had good bones.

Also our current president's recent changes to tax law have disproportionately affected states with high property taxes, which makes owning property in lower-tax areas more appealing (property taxes in Jax are somewhat mid-range.)  

We are often able to keep turn over costs in the $500 -$1000 range and that is for larger 2500 sf + single family homes, some of which have two story great rooms.My PM fees vary based on how many units an owner is giving me, and where the property is located etc, but are more than what you're paying but I probably include a lot more services.I offer performance guarantees, but there is no way I would have a Management Agreement that just allowed an owner to walk - they would owe me the remainder term fees if that happened.There is no way I would as an investor, pay tenant utilities at all - if the utilities were not separately metered, I would first determine if I could legally charge the tenants for the utilities in your area or I would not buy the property.There are many things you can do in a lease to protect yourself and reduce your costs (and that may be an issue with your PM's lack of experience - or it could be that your state is very landlord unfriendly) but here are a few items I would have in the lease if allowed in your area:The tenant must thoroughly clean the unit including any carpeting at move-out - we have a detailed example list of tenant cleaning responsibilities in our tenant handbook.We only accept the most financially highly qualified tenants, and often have tenants renew leases, but if a tenant wants or needs to break their lease early, there is a multi month Early Termination fee to help us defray off market time and turnkey make-ready costs due to early termination.Our tenants are responsible for both Pest/insect control and exterior landscape upkeep - though in an inner city townhouse/triplex set up tenant responsible landscape may not be feasible.

What are the comps and how long do houses in that price range typically take to sell?  

Narrow it down to a range where both high and lows ends are in the same universe. 

Most people with 3 or 6 mortgages reporting to their credit have FICOs in the 775 to 825 range even if that is the ONLY credit activity they engage in.

You've made price adjustments according to the market and in the same range that it's rented for in the past.Condition.

That's not my style both because I don't want to be a slum lord and because I'm not investing in Detroit purely for cash flow.Yes, I know Ashley bought dumps in that price range and fixed them up and now they're worth more.