However I don't want to be spending my time doing non income producing task just for the sake of staying busy.Having less than 2 years of rental income I am unable to use my current rental income as "income".

They accepted your client’s offer based on the attractive offer of a waived home inspection and waived financing contingency.

I'm sure that I've watched to many episodes of "The Wire", but drug dealers get robbed and attract other such violence that could bring harm to innocent people in the area.

If it's a mess you will have little luck attracting a good tenant. 

Analyzed properly, rental income would cover expenses and produce cash flow.I am tired of NY anyway.  

Hello AllI am an out of the state investor working in the Kansas city market.About two  weeks ago I listed a fully rehab SFH in Raytown Kansas city ( on 78th Ter )It is listed in the MLS ,The price is pretty attractive, photos looks good, high end appliances etc, however traffic and interest seems very minimal. we had only 2-3 showing. 

The rentals will make approximately $4,375 per month but that will only produce a positive cash flow of roughly $700....

I believe I understand what the commenters are saying - don't factor in your living expenses because that may make a deal look more attractive, and you may pay more than you need to on a house...

I could see it being an attractive alternative to some tenants. 

Currently several groups are trying to attract more industry.