We use accounting software that codes the income and expenses to the property (called a class) so we can run P&L;s on each property with ease.Your accountant and bookkeeper will also thank you later for keeping it simple and avoid significant accounting costs. 

I think it depends on the market.. they approached me on a furnished rental I had in Vegas (Summerlin gated community A class)  We got basically double or a little more of the normal rent..

You should only have to worry about ongoing maintenance.5) What Class of tenant can't keep a job?

Read books like Set for Life by @Scott Trench and Start with Strategy by @Dave Meyer to get the mindset of starting on the table before going too deep into an asset class or something like flipping.

@Jared Khan are you looking to buy Class B, C or D in Cleveland for under $150k?

It’s to take advantage of the 2024 bonus depreciation rules which include 60% bonus in year 1 for any life classes less than 20 years.

I am in your same boat- we bought a house on auction.com without knowing the full extent of what we were getting into.

Then an ongoing annual management fee would be 4%ish, and  more if you get a class C apartment with lots of work needed.

Also, you'll need to figure out where to invest: Macomb County has 27 municipalitiesOakland 62Wayne 43City of Detroit around 183 residential NeighborhoodsThey can all be ranked as Class A, B, C or D. 

Do you understand that asset class and market?