However, with the $5K fee charged upfront, one must look at the payback period and add in the lost NPV that $5K has hidden inside (ala lost opportunity costs).

The opportunity cost issues are: having to pay all utilities plus a housekeeper along with some regulatory overhead from the State, along with some "gotchas" like not being able to put locks on bedroom doors or you're technically operating a boarding house which is a whole different can of worms. 

There are a lot of opportunities in Tennessee and Ohio that might work for you to buy outright.

I may have an opportunity to attain a commercial pilot's licence at a fraction of the normal cost (It would still cost me everything I've saved) by learning from a friend in Texas.

If you have recurring dryrot, you may obsolutely need to remove and not just side over the old, which will give you the opportunity to use foam sheathing and housewrap.

I service East Tennessee but would go farther afield if the opportunity was right.Factors like travel, equipment cost, insurance, FAA NAS (national airspace system) research for the prospective area, weather monitoring etc. all take time and money, so I turn down jobs regularly that expect bottom dollar.   

Every city has opportunity

In Gloucester County, Wash Twp, Pitman and Deptford may have some decent opportunities.  

We are finding areas along the commuter rail going north and south seem to have better cash flow opportunities and aren’t appreciating as quickly as the more immediate areas surrounding Boston.

You can send them a new contract and give them the opportunity to sign or move.