Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Looking for that comparable type of neighborhood or extended neighborhood....and yes, my early focus was/is the Brown University area to the Yale University area.

These are tiny numbers compared to other metro areas. 

If not look at comparable houses that have sold recently, near by to get a better idea. 

By the way, there's a crazy intriguing graphic out there that compares returns over the last 35 years between the equities market, real estate investments leveraged over 50% and real estate investments leveraged 50% or less. 

Compare monthly costs to rents and decide if there is a positive cash flow.That will get you started.

Self-directed IRA If you are self-employed with no full-time w-2 employees, you can set up a Solo 401k & rollover funds from a non-Roth IRA as a tax-free direct rollover and then invest in real estate.A Solo 401k has several advantages as compared to a Self-Directed IRA including the following which specifically apply to your situation: Unlike a Self-directed IRA, you can have the account for the Solo 401k at a bank or brokerage that does not charge maintenance fees and where you will have checkbook control.Unlike a Self-directed IRA, if you use leverage (which must be non-recourse financing in either case) to acquire real estate with your Solo 401k the income will not be subject to Unrelated Debt Finance Income taxGeneral Considerations Re Investing Retirement Funds in Real Estate:1.

That said, it's stable and expensive compared to many Midwest cities...especially Dayton and Detroit.

After sleeping on the deal I reran the numbers on rent comparables for the area and I think it would be a stretch to get $2,850 gross rents.  

@Sean HarrisonIf you're self-employed, you might be eligible for a Solo 401k, which offers many benefits over a self-directed IRA: Compared to an IRA, Solo 401k contribution limits are roughly ten times higher.There is no custodial requirement for the 401k.You don't need the additional expense and administration of an LLC to have checkbook control.There is a built in-Roth component whereas IRAs are either traditional or Roth, not both.A spouse can also participate in the same Solo 401k plan.The Solo 401k has additional tax benefits over an IRA when investing into real estate using leverage.The penalties for prohibited transactions are less severe, though it's best not to utilize this benefit :)I'd recommend you reach out to a few providers who regularly post here on BP to get a better understanding of your options.