My opinion, just about every property "can" be a good deal... you just have to accept that "good" is entirely relative to the property.Because of location it may take longer to rent, attract a lower quality tenant, have a more transient population, demand lower rent... etc.As long as you've taken all those things into account and STILL have a good price, why wouldn't you buy it?

Plus, they point out that the properties are nicely rehabbed, in solid neighborhoods with high rental demand, tenants are rigorously screened, and to cap it off, the buyer may well sell the property at a big gain well before these repairs and capital expenses start hitting (remember, you presumably "captured" a boatload of equity when you purchased), at which time you can roll into another property.At any rate, if you hold the property, the assumption is that Years 2-30 will experience none of these expenses.

I appreciate your input though, because you give me a ton to think about, and really cut to the chase as to the quality of this one.

We looked around and found a a place we love that rents for $1,375 which is more than we've ever spent on rent, but our real estate back home is doing exceptionally well so I figure we should spend a little on quality of life.

If you screen sellers properly you can find those that are motivated enough to do this.

Now I will add the caveat that this December and January have been the worst I've seen in six years with respect to tenant quality, such that a couple of colleagues and I actually stopped marketing our properties in the beginning of January.

Area is suspect, not war zone but always historically low vacancy and low quality tenants.

Again, I know someone who used to teach RDPD training and I know plenty of details about the quality of training and the tactics used to extract $$$ from inexperience and naive investors -- if maintaining an overly harsh tone will save even one wannabe investor from throwing away hundreds/thousands/tens-of-thousands of dollars, I'm happy to maintain that tone.

Of course, to maintain your reputation for future business, you need to do everything reasonably possible to make sure this is a successful investment, such as performing a quality rehab, placing a good tenant, and staying in stable neighborhoods that are attractive to good tenants.2) Sell your rental property to a passive investor at a reasonable markup, where you then lease it back from them at a somewhat below market rate.

"Unleash Hell". 20-40 bandit signs every weeks, several cragislist ad, an email blast to my network, twitter, Facebook, put flyers in all the neighbors screen doors.