Cash-on-cash is relative and it is only one metric...and it really only works for year one to put properties on a level playing field so we can compare where to put our limited dollars.

Play up the uncertainty and be ready to walk, too.HOWEVER - what you do have working for you as the seller is that say you do hire an engineer and they render an opinion that the item is serious AND Costly...

You don’t have to know why just Play by the rules.

Ideal situation would be a 3/2 (or a 2/2 with a separate office since I work from home), small yard, decent neighborhood, washer and dryer in-house/unit in a neighborhood where you're hard-pressed to find bars on the windows and front door. 

Also considering that market rents are near $995, there doesn't seem to be a value-add play here.

Ideally, a partnership and go from there.

We would also like to cash out some funds and possibly buy another property, ideally.

We would also like to cash out some funds and possibly buy another property, ideally.

But first, here's some homework for you - on one sheet (digital or analog) write down:Pull out your comps research and demographics, from this create an ideal customer. there's plenty online to walk you through how to perfectly describe this person in detail. 

However, your suggestion of metal roofs is ideal - they are beautiful and durable in many extreme weather situations.