As @Nolan Martineau stated, each property will have different Capex due to age of furnace, water heater, roof, AC, cabinets, etc. etc, etc. 

We had a girl who was head over the heels about the place at our open house, but her realtor has advised her not to put it under contract because he is confident it will get a low appraisal due to the appraiser only using in project comps (he also mentioned that it is a VA loan, and they are very strict about staying in the project).I also believe that the realtors are not even showing this to their clients because of the above reason (though we have had about 4 showings).  

So the FNMA that you mentioned...is it crushing your projections in a good way or bad way....?

I personaly am closing currently 2 to 5 a month and find it very satisfying and empowering not to mention financially beneficial to my students as well.

I did forget to mention that the city does have some rental certification requirements.

I’ve got the age old question of whether we should sell our townhome or keep it and make it our first rental.This is my first post on BiggerPockets so please let me know if I have left out any information that may be helpful in the analysis.Single Family TownhomeBuilt: 2001Purchase Date: 2008Purchase Price: $270,000Property Tax: $5700/yearHOA: $125/monthWater/Sewer: $1320/year (Must be paid to county by home owner)Insurance: $800/yearMaintenance Costs: $400/year Other planned future costs: Roof (in about 5 years, ~$5000), water heater (in 7 years, ~$1300 including labor), water softener (in 5 years, $500)Current Mortgage (Refinanced in 2012)Term: 15Rate: 3.375%Principal: $140,000Market Value: $230,000 (Upstate NY market with minimal appreciation expected)Rental: $2000/month ($2200 possible but I want to be conservative)I was also considering refinancing to a 30 year mortgage to help with cash flow but I’m not sure if it is worth the $4000-5000 in closing costs to refinance.Normally I would not consider this a good rental property because of the low/negative cash flow.

Now this is where it got interesting in the seminar he mentioned getting refinanced to payoff the private lender.  

Not to mention that interest rates will likely be higher in 3 years.

He achieved financial independence around the age of 30 through real estate investing. 

Found some great financial podcast in which I found mention of BP.