How much it cuts into profit depends on the size of your loan & interest rate.  

Even if you are, at that loan size, the lender likely will require a personal guarantee.  

First, they don't get much more in rent than a similar size unit without the bling and second they are crestfallen when the first tenants treat the unit like, well, an average renter will (hello wear and tear)...

I will take the portion of the lease that explains they are responsible for clogging toilets and print it off along with a letter explaining that if they wish not to pay this fee now, it will be deducted from their deposit.

We need to find a large portion of our profits in our purchase price. 

The price depends in the size and the the number of floors the stairs will serve.

What size house are you looking for and in what price range.

Essentially, this is a tear down...A custom builder has recently scraped 5 lots of similar size directly across the street that are offered for $100-120k with a minimum build price of $300k+.

I know rental rates in Charlotte County haven't quite blown up the way they have in Lee (can't find a rental house for less than $1,000 a month in Cape Coral)... but there should still be plenty of opportunity there with a buy and hold strategy.Financing can seriously increase your monthly rental income as it increases the number of properties you can own, but it eats in to a portion of your net profit as you are paying a for the financing, have higher costs of acquisition (think of the closing costs on a loan!)

@Eric Tsang The interest rate is based on many factors (property type and location, loan size, LTV, FICO, DTI, # of other properties, etc.).