The cheap tenant would never even consider my properties because of the cost per sq. ft., but the ones who don't mind paying more for a better package (in-unit laundry, shared yard rather than just parking, etc.) are the ones that will also maintain things.

If you're going to hold onto it I'd say to refinance it, banks are cheap right now.BAC

You need buy cheap with good margin, have good reserves and have good contractors working for you.  

I think the main people who are replacing their current job or income with cash flow from rental properties are buying cheap houses with leverage. 

Plus there is plenty of vacant inventory to pickup cheap.  

A cheap plumber usually charge a few hundred to scope the toilet and lines to street to check for problems.  

A couple successful deals might buy you a cheap car, and renting and figuring out the area is always an option.

2700 is a very cheap price for bathroom renovation. just make sure that you get reference before you hire them.

Barring the ability to pick up a cheap place in a good spot, I try to get the vibe of the neighborhood.  

I'm going out on a limb here that you are in NY city and prices are not cheap there.