Pros are that people want to live in it, low maintenance, warranties, no costs to get it rent ready, modern amenities/construction... cons depending on the situation might be that if you need to exit, it could be hard to sell if new ones are still being built and coming onto the market, communities take time to establish, and usually no way to really force appreciation. 

That validated that I had an idea of what I was doing and gave me some great experience and knowledge.

and their delivery, install, maintenance warranty? 

This is why I prefer, if possible, a credit instead of repairs.Do repairs, you're always going to have workmanship issues and then warranty issues if you didn't pay for the repairs.

All valid points Colby, thank you for that input! 

You bring up a valid point

The 1% rule is a filter and should be used to quickly determine whether a property is worth further investigation or not. just because of property meets the 1% rule does not mean it is worth investing in, and just because of property does not meet the 1% rule does not automatically rule it out as a valid investment.You also have to consider your goals.

We dislike working with home warranty companies for this exact reason.

I remember years ago hearing that the best way to build revolving credit accounts (credit cards, not secured) was to borrow almost up to the limit, say 80%, then pay it completely off a couple of months later.Is that still a valid strategy?

The seller is paying 5k of the closing costs and paying for home warranty and some inspections.