With condos you have high HOA that when combined with PM fees, eat into your cash flow. 

Much that would eat into the cashflow

Some weeks it eats up a lot of time, many weeks hardly any.

Likely to have a lot of turnover which will eat into your cash flow, especially west of the park.

I’m guessing you’ll be eating this costs, with possible recourse against the Seller, depending on how your contract was actually written.

In this scenario you get to have your cake and eat it too. 

A turnover would eat into profits especially the one that is furthest behind in rents of about 150. 

What I’ve seen in the markets with rents under $500 per door is generally your management and repair expenses will be a higher percentage of your total cash flow and can eat up a lot of your profits.

if I was you I would try and get online and do some research about some property managers in your area and just reached out to them about getting some coffee or go out to eat so you can pick there brain and get more information from them and if they tell you they are not able to help you I would just move on because there are thousands of other property managers out there that would be more than happy to talk with you and give you information. this is what I did when I was getting started and it is the best way to get into the industry without actually jumping into the business and doing it first hand.

The downside is you have to eat about 1% on the rate.