Doesn't matter if you get a great loan if these other items are a negative.

Rent  $1400/month covers these items (as in your tenant)P&I Payment $500.00 Repairs Needed $0.00Taxes $118.92Insurance $208.33Management $182.00TOTAL ~ $1010/month x 5 = $5050Reserves to set aside (emergency - covers 5 months) $5098.33 Expenses Headache Factor=0% CAPEX  $70.00 General Maintenance  $83.33 Utilities 0 0 HOA Fees 0 0 Flood Insurance 0 0 Vacancy  $112.00TOTAL ~ $265/month of useless compensation (using this method) ~ $3200/year Seriously, if you have vacancy due to a repair issue (like a roof problem).  

I had a number of buyers have problems with warranted items post-closing, and they told me First American was very easy to deal with, and fixed the problems right away. 

One of the specific items that was suggested to be included in the assignment was a clause indemnifying me from any claims/damages/expenses/liabilities that occurred prior to me purchasing the property and the leases being assigned to me.

Curt thank you I will get in touch with the listing agent and request all the items, excellent point about existing leases! 

Once you have a handle on these items you should be able to determine a reasonable price and your expected returns.

You'll find people on here who will tell you the cash flow isn't enough for that investment, you can't count on equity or appreciation, blah, blah, blah, but I like the deal (assuming the major items roof, hvac, etc are in good condition). 

Providing the washer and dryer adds a whole other item on your potential repair list.

Avoid carpet in lower end as it becomes a disposable item.

The biggest item will be that you have some ability to service the debt outside of rental income.