You certainly don't want to pay for income you plan to trim off:)If you decide to take on this deal, make sure to do a demand study for the sale of the homes before you proceed. 

I would demand they get rid of the cats.

To me location, physical condition, tenant quality, a high demand rental market, high chance of rents increasing and appreciation are more important than how it looks according to the 1% rule.

It almost never gets better with a tenant in your situation.On the 6th they get a rent demand letter (soonest I can per statute). 

This is just supply and demand.

Yes, we are turning into a nation of renters pushing user demand for multifamily product to historic highs.

Then we enter negotiations, which is fine for me as I can always walk if they demand too much. 

If you are in a high demand metro area, it's simply not realistic to expect to be cash flow positive if you are putting down 0-10%.

Are there any super delicious places to eat that have animal-less options that we absolutely can't miss out on?

Keep in mind these are all before the new laws took effect in June, which will add at least another two weeks.(1)  46 days from rent demand to eviction warrant(2)  47 days from rent demand to eviction warrant(3)  18 days from rent demand to eviction warrantThe first two, I used an attorney (required in NYS if using an LLC).