For now I am not assuming rent increase except to keep up with inflation 1.5-3%, but epxpenses would increase at the same rate so a wash.

You need two of everything that needs to be washed between guests or you risk having to put stained stuff out for the next guests and pay housekeeping to wait on laundry.  

He just kept saying the market was slow in that area, but when I recently asked what exactly was the average time on the market was, he said it was 144 days with a median of 80.

I have a contract to purchase a Car Wash in Salt Lake City Utah. 

most people don't have the discipline to be self employed, and that what an agent is.The agents that work hard, and continue to work hard, are good with people and have some sales ability, will do good, some will do great, people that get into any self employment 'so they can set their own schedule", don't normally make it.Any sales position requires motivation and discipline,,,,real estate and insurance are two that have a very high wash out rate, but also many times  attract people that want a paycheck, but not necessarily a job

The only out of pocket is escrow for tax and insurance, which should be a wash once the paid off lender issues a refund of that escrow account.

They hold the key to fixing the housing market, but seem to keep waiting for a silver bullet out of Wash DC.

I've thought of the bandaid analogy myself quite a few times with this property.The $1200/mo is P&I and expenses (tax, ins, repairs).If we ignore the recent depreciation of the property, and assume the tax incentive is a wash, then I question if I'm actually losing money in the long term.

Bobby the real estate market cycles locally in every market.There are average times that this takes place.For example so long for the market to be stable,so long for the market to increase,and so long for the market to decrease until it hits rock bottom.The pluses right now are lots of motivated sellers in many markets.They held out for a few years thinking things will get better.Now they have accepted it will be a long haul and are ready to sell.Holding out for 2 or 3 years is one thing but 7 to 10 years is too long for many for a property to recover.The plus side is interest rates are low and pricing is great.The downside is liquid capital needed for a regular loan is steep as loan underwriting is tight.If you wait lending might relax with less down but interest rates might rise along with sellers expectations of selling price so you would be at a wash or worse then when purchasing now.The name of the game is too hold onto cash and leverage into a good deal.In the down cycle you buy up as much as possible.

Crazy part was he made the payments on all the loans for two years!