A system that allows me to look at my historical P&L and Cashflow right next to projections. 

Quote from @Nicholas L.: @Jonathan GreeneI'd add #3 - which of those locations are closest? 

Quote from @Nicholas L.: @Patrick GoswitzI still think we don't have a lot of information on this situation.How many rentals do you own? 

If ists not rented, then we could look at 1 bank statement or p/L loan to qualify.

I believe in higher quality over the long term will ultimately yield better L....O...N...G... term returns for the reasons that @Dawn Anastasi mentioned.  

Below is a sample P&L (it is a real P&L from one of our parks) that will give you an idea of overhead.

For L/Os it's a similar concept and this strategy works well with newer or fully remodeled homes and also needs to be the right market conditions.Best of luck!

Section 8 will deem their asking rent "unreasonable") I'll explain it again (speaking s-l-o-w-ly): Section 8 uses the HUD guidelines for fair market rent which are based on the 40th percentile of a moderately priced apartment in a  given zip code.

Quote from @Nicholas L.: @Jane KimWow, everyone is really encouraging aggressive plays here.Assuming this is your first purchase, I would wait until you close, move in, and start getting rental income from the hack before doing anything else...

Quote from @Nicholas L.: @Sage Weisscan you share more about your goals?