You made a promise to deliver the goods/service, can you actually fulfill your promise with speed, quality and least amount of pain? 

The owner actually largely remains anonymous and I only deal with the wholesaler/investor.

I'm just trying to point out that "cash flow" is actually pretty elusive right now on a vanilla long term rental, in ANY market, without some kind of niche or creative strategy.Run the numbers. 

Without new companies moving into the city and creating replacement jobs, the only jobs left will be low-paying service sector jobs.

The water looks and smells absolutely disgusting, even if you mop several times a week, but that's how you know what's actually on your floors.

However like you, I am very bullish on DC over the long haul and actually think that asset class makes more sense for the city, especially if as an investor you have hopes of turning a profit.

I don’t believe a HELOC is applicable since it’s not my primary.Maybe a DSCR (debt service coverage ratio) loan?

For an average 3/2 property in the Tampa area our average cost is around $210 with professional linen service. 

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – so, they often select the first PMC they call or that calls them back!

Keep piling up cash; I'd encourage you to start with a house hack - you mitigate risk by buying a place where you actually want to live.