I have one too that does turn key furnishings and is way less expensive than the big box folks.

Building roads and extending utilities comes after a lot of other expensive and time-consuming work.

@Thomas O'DonnellI'm in the San Francisco Bay Area and have a SFH rental in the Indianapolis area (suburban Class A neighborhood but I bought it almost 10 years ago when prices and interest rates were lower) - that was the best purchase I've ever made.

Late fee is considered reasonable if it is not more than 12% of the rent for the rental period under the lease for a dwelling located in a structure that contains not more than four dwelling units or 10% of the amount of rent for the rental period under the lease for a dwelling located in a structure that contains more than four dwelling units or the late fee is more than the applicable amount but not more than uncertain damages to the landlord related to the late payment of rent, including direct or indirect expenses, direct or indirect costs, or overhead associated with the collection of late payment.A late fee may include an initial fee and a daily fee for each day any portion of the tenant's rent continues to remain unpaid, and the combined fees are considered a single late fee.

Brick 3/1 lower, 2/1 upper.

On the flip side, we are seeing people stay for longer, which means lower expenses for lease up, make ready, and vacancy.   

My plan is to make it rentable and really just give him the profit minus vacancy and my expenses from the HELOC I am taking to make the repairs.

Unemployment at or about national average in the city but outside the city, it not so good, lower income with higher unemployment and lower appreciation.

So it lowers the net profit of the practice which = lower taxes to the practice.The higher rent is offset by depreciation and mortgage write off and operation expenses. 

They did not sell me the expensive package, but they got me absolutley excited about real estate!