The new supply over last couple years has increased vacancy rates and from a recent market report will continue throughout this year. 

Your rental income might come in every month - a check from your tenants - but your expenses might be "lumpy" in that you'll have a major repair once a year, a month of vacancy after tenants leave, etc. 

Great opportunities for AirBnB to cover vacancy periods there.

Anthony and Greg gave good info.Freddie Mac or Fannie Mae agency loan options depend on the property's economic vacancy at the time of loan application submission, physical occupancy for last 90 days, submarket, and your net worth and liquidity cash position. 

Also, statistically speaking, lower-income housing can have higher vacancy and higher turn costs due to damage and evictions. 

You're not including repairs, CapEx, vacancy, or management in your rental analysis.Besides the normal condo caveats, I'd be worried that this is an appreciation-only play.

Take a look at this rough analysis below:$1400: GSR($70): Vacancy - 5%($210): Repairs & CapEx - 15% combined($140): Management - 10%, always include even if self-managing at first($208): Property Taxes($100): Insurance - my estimate($709): Debt Service - $180k FMV, 20% down, 4.5% for 30 years($37): monthly cash flowIf you could get it closer to $100-110k, this might be a good candidate for a flip, assuming your ARV and reno numbers are accurate.

Home Sweet Home LLC property marketing and management is responsible for all maintenance, repairs and vacancies. 20 year history.

But what's the end goal... to have one (or more) month of vacancy reserves at the end of the first year?

cap ex repairs and vacancy seem to be the bare minimum, I'm assuming that this isn't in the best neighborhood which would push repairs and vacancy up for sure.