On the flip side, if you hold, you may be able to pull some equity to go buy something to add and build up a portfolio. 

The answer is likely two-sided: 1) Your income and financial situation determines how much you can actually afford to spend on housing, and 2) You find housing that fits your needs and shop around for the best deal. 

As a side note, I would be managing this property myself and not running it through a PM.

Many people do end up breaking this rule in hot markets so they can aquire a place or just because they purely speculate on rising values@Beau Fannon I agree, most people I've seen posting don't take into account all expenses related to a property.

Your repair budget looks weird, you have money for exterior siding, painting, garage, etc. and this is a condo.Initial closing costs of $450 seems low?

While at work, my tenant called me about 11 times today because her hot water went out. 

**mini footnote:  A wholesaller is similar to a Real Estate agent, but without the fees & deals worked are always off market, exclusive deals.It was extremely competitive and very exciting and I learned a whole lot.One of the challenges with the market in Madison County is that there are many many deep pockets not only in the area but also those that have trickled down from Middle Tennessee not to mention investors from throughout the worldthat are looking invest in real estate just like you.A lot of my Nashville Buyers have been asking about purchasing deals in Madison county for years.Real estate agents that I have worked with in the area say that there is zero inventory and if something comes available, the buyer has to be 100% ready otherwise someone else will get the deal.That being said, I personally think that there is a lot of potential in untapped areas of Madison County.One of the biggest differences between Nashvilles market in Huntsville‘s is that there hasn’t been anyone that has been brave enough to build/Rehab/re-vamp areas that are undesirable i.e. north side.

*Side note for those who are willing to read beyond an introduction (also wasn't sure where to post this...is there a section for careers/schools?)

The fact they are complaining online might be an indication the property manager dealt with them properly so be sure to ask the manager for their side of the story.I hope this basic guide helps.

I'll be buying in Texas, I'm also using the VA loan (Pre-approved $300,000).I'm really set on getting a multifamily house (duplex/fourplex) live in one side and rent the others.