A beautiful older house like that will have more hidden expenses than normal. 

Property managers can also be expensive.

I originally posted on reddit saying I had 20k cash to my name but very very low expenses and a high risk tolerance.

By rich I mean they completed an application, paid the screening fee and we show that their income is sufficient to cover all of their own expenses plus pay for rent and any damages at the unit we are renting their child.

Property managers can also be expensive.

It represents a problem that requires resolution, which may involve significant time and expense.

How does the property do if you use 50% of rent as expenses not including P&I?  

Westchester is an expensive market. 

You will need to make a list of direct and indirect expenses for the rental property portion of the home.

As a new real estate investor living in the crazy expensive Bay Area rental market, I'm exploring clever ways to get into investing.