As a result, I am interested in referrals for professional property management firms who operate in the College Hill area. 

(I don't know how to determine this)Comps: $470k (Zestimate)Est ARV: $540k (recently sold 3 bd 3 ba* The property is located near several schools I know many people attend including a college and adjacent to the metro line and major highways.

What permits and or licenses are needed to operated in the state of Pennsylvania?   

If it's spending $500 repairing a bunch of stuff this year, it's probably going to be $500 repairing a bunch of stuff next year too, just different stuff (depending on the age and condition of your property, I guess), so I'm not sure why an underwriter would add regular, ongoing repairs back to the DTI calculation.However, if you're talking about items that used to require capitalization, that are now allowable as an expense under the new de minimus safe harbor regulations, then yeah - that's not really a repair, it's capital improvement that's permitted to be expensed, so I'd argue that line 19 is technically more appropriate.  

Too many people graduate from college and quit learning...

I've personally been investing in the Evansville market since 2008 when I bought my first multi-unit right out of college and have been hooked since.  

I also went to college, not that it is mandatory, and I got a business degree that emphasized real estate.

All of these areas are within 125 miles of me and all are bigger cities with colleges.

Single family residence in a booming college town.

Took 2 years to get permitted.