Agree with others this is not a good Ling term hold unless appreciation will be above average.

Homes priced from $150,000-$250,000 stayed on the market less than 50 days on average, said ABOR's report.35,000 new jobs expected next year and the year after (no including if Amazon chooses Austin).  118 people are moving to Austin every single day and US News recently listed Austin, for the second year in a row, as the number one place to live in the US.   

If you feel comfortable that your intent was to hold it for productive use in investment and something has caused you to change that intent then go for it.  

You have instant equity gains that eclipse the cash flow potential and a brand new product with a warranty.

And I’m not talking about FHA or government-backed loans, these are either in-house mortgages or commercial products so I would think they have the flexibility to work with me.

We factor in about 2.5% of purchase price for yearly taxes, 5% vacancy (ours is closer to 2%) 15% of rents for repairs and capex combined, we self manage so no PM, and use 2% for rent growth (ours is about 4%) and 2% for property value growth (ours has averaged about 3.75% in our area over 30 years). 

I've seen some 1 bedroom buildings with average rents at 850/suite.Seller is asking 113,500/suite, so 2,270,000 and is pretty firm.

I totally agree, based on your objectives and fact you will not have a local PM, that trying a cash for keys approach might be the most productive. 

Like Nathan said, there are a lot of products out there to solve the problem of screening tenants so it would be worth checking those out.

currently i own 3 houses 2  are rentals all 3 houses i worked hard and saved average of 50 to 60 thousand to cover 20% down and closing costs.