Watch some youtube videos on calculating how much you should be paying for an investment property. 

We wanted to put our daughter's name on the title along with ours, so we waited to close until just after she turned 18 and was legally able to sign paperwork, closing in February.With help from our Michigan-based contractor, who lived in the house while working on it, we converted the 1st floor back to residential use, adding a large 6th bedroom with walk-in closet, another full bathroom, a study room, and a living room, and made a myriad of small improvements. 

In general, I think the area is improving, going from what I'd call a "C-" to a "B".  

From reading various forums and watching LLC university videos on youtube, the most common recommendation is you should set up an LLC in the state you will be buying the property.

I do like making a nice property for someone that might not otherwise have had one, and it feels good improving an area of town that certainly needs it.

Generally a rent increase of more than 10% is considered excessive, especially if no improvements have been made to the rental unit.  

Property Numbers:Purchase price $108.5k w/ 20% Down loan at 4.75% gives me a $453 payment for principal and interest.Reno Costs: $3500 roof + $15k cosmetic update + $4k for other improvements/buffer = ~$24kRent: $550 and $650 after repairs and updates with 9% PM fee, 8% vacancy.

Moisture problems can often be solved by drainage improvement, proper foundation sealing, and ventilation.

I'd like to add my name to the list of those who'd appreciate a copy of your file once you figure out the best way to share, just as a way to "compare notes" and see how I might improve my system. 

So maybe getting a C class property in a B or A class neighborhood is the way to go so you can over time improve the property and raise the value.