All floor coverings need to be replaced as they are 5-7 years old in this rental.Thank you as well @David Lee Hall, III.  

Location will be very important as well.

I wish you well (I really do mean that - not rooting for you to fail). 

Answering these questions well help you decide if a PMS is needful right now.

It also had commercial potential as well as an amazing Airbnb location How did you find this deal and how did you negotiate it?

I am in Portland as well it can be a hair tricky to manage there are some rules about asking tenants to leave there are also limits on rent increases see below: https://www.portland.gov/phb/rental-services/renter-relocation-assistance#toc-when-is-a-renter-eligible-for-relocation-assistance-Have you already purchased the property?

You typically get better terms with purchase money vs cashout refi as well.

This requires research and time which once I did using excel files and pen and paper.

These are good working class rental areas that can perform very well.

On the plus side of where we are; rents have really shot up, we have far better RE investing tools, as well as better software and knowledge.