Our attorney did not alert us to this factor which would have greatly influenced our purchase. 

I also factor the insurance, hoa dues, garbage collection, snow and lawn, utilities, advertising, maintenance/repairs, CapEx, and property management.

Ideally I’d like to keep one of the units but move proceeds from the other two to other long term investment property where it doesn’t snow. 

that was my worry about selling too soon, and the only way i can see myself breaking even would be to do a for sale by owner. i didnt factor in the benefits that might come from prospective lenders should i choose this as a rental, so this may definitely sway my decision. you are also correct in that one area i was initially looking at for properties is in Aurora.

Time is a big factor when it comes to this kind of thing.

While I do think that REITS sound ideal in most respects, it doesn't seem to be something we can creatively finance using BAH and TSP loans (same for notes).

Your comps appear to be active listings not what has been sold.The margins are way to thin on this as the Holding costs will be a lot higher than 3k and closing costs probably more than 12k when you factor in taxes etc. throw in a 20% contingency on top of rehab and the deal is making very littleJust my 2 cents on how I would analyze it

An absolute must is having a way to double check values, ideally being able to use the MLS for comps.

Cheaper isn't always better so you need to consider many other factors and compare many managers.You can start by going to www.narpm.org and search their directory of managers.

Byron W. 693 can get you a loan - there are many other factors as well.