This is more work than many investors are willing to do and more work than almost all owner occupants are willing to do, so there's less competition when I buy- Houses this age generally don't have structural issues.

The SFR's I am looking at are as follows: - built from 2008 to 2010 - Cost to build new from $149k to $155k (same cost to build now) - Target acquisition prices of $133k to $139k (through short sales and FSBO's) - Monthly rents of $1,200 to $1,350 per house - Annual taxes of $2,000 per house - Annual insurance of $900 per house - Maintenance should be lower than normal for awhile due to age of housesBy my calculation, I am looking at being in these houses at CAP rates between 8% and 8.5%.

There was a course written by a husband wife team in California in the early 50's I think maybe 60's that was the holy grail, Old age, I can't remember the names but I got my hands on it when a very successful note investor died and I was handling the sale of his home.

There is no requirement to have insulated glass, but what is common for the area, style and age will carry more weight.

BTW, in this day and age with the economy the way it is....look into purchasing stuff locally or ask for referals.

Sure, but at this day and age it is very difficult.

What couple goes out and separately rents places especially in the age of cell phones.

So properties with HVAC are nice, but you now need to consider age of HVAC when putting an offer on a property.  

What is the age and condition of of the property? 

(age 70-80)All that equity in your home keeps the majority of the risk on you, money is illiquid, don’t get the same tax benefits, etc.