If you add the couples income together, they barely scrape by the 3x rule. 

It’s possible 5% is spot on, but it’s worth double checking. overall, since you’re barely breaking even with $8 of cash flow, I’d pass on this and keep looking.

Especially, when you have a nice tenant who pays their rent on-time and takes care of the rental unit.We don't want our tenants to commit to another full year because when tenants move it gives us the opportunity to rehab our properties, to increase the rents to the max the market will bare and to increase the value of the property.We don't charge a different amount for rent because a tenant wants to stay on a month-to-month basis.

It's a flip of an 1-story older home on slab that was built from 2x3s, so we had to be creative as there's barely anywhere to run our PEX. 

They've barely increased the RR since last year, but they're increasing the price.

He acted like he was in a huge rush and barely took any photos that I noticed.

I barely have any savings [nothing in reserves as well].

Our calculation is that w/ a 5% - 6% cap rate, and let's say we barely breakeven on cashflow, it would still be beneficial for us to use the garage for storage.

At bare minimum you have a locked in 30 fixed cash-flowing property while rents keep rising and inflation grows (Even if prices drop in the long-term they will always rise higher) 

People who can barely feed themselves seem to always own a 100 pound dog.As a landlord and dog lover, I don't allow any large dogs in my rentals (except service animals).