Basically, account for EVERYTHING that's going to take money out of your pocket and make sure you save some healthy reserves for any unexpected items that may pop up in the future. 

And you should be cash flowing a little bit here in the Wichita market...We have a pretty healthy rental market here.

They usually get the hint and move elsewhere and do not get a glowing landlord recommendation (off the record - Indicate they threatened to sue for something frivolous and see how many landlords desire them as tenants).I love the very low vacancy rate of my market. 

There are plenty of pockets in DC where you can find good valued properties that will also drive healthy rents in the multifamily space.Another way to "house hack" in the district if the multifamily space is to expensive for you is to purchase a single family house or condo with multiple bedrooms and rent out the rooms to friends/like minded individuals that you wouldn't mind living with. 

Keep in mind that as long as he holds the real estate with the loan... he doesn’t pay any income tax on the excess proceeds.Layer that with a healthy developer fee and a number of other tax benefits related to zero cash flow and Section 467, and these deals wrote themselves.

I won't go there, just threw that figure out there as a general FYI.That said, I live about 5 minutes from there and Falls River is a great neighborhood and area and you stand a real good chance of seeing a nice, steady, healthy appreciation long term out there, while your tenant pays down your mortgage of course.It really depends what your short, mid and long term goals are for this purchase.

Furthermore, even with borrowing at a higher leverage your COCR after debt-coverage is still a healthy +9-11% (from your numbers). 

Much of the websites or videos online apply more to older people with a healthy salary.

Pretty healthy margins!

Finally, a good book should focus a healthy amount on people-- every situation is different because the people driving the situations are different.