@David Bokman I totally understand what your sayin.

For example if you acquired a property in September 2017 and have $120k showing on the "depreciation" line, it makes sense why you wouldn't have rental income until Feb 2018.... obviously you were gutting and redoing that property. 

I am planning to buy my first rental next year and obviously want the best deal possible.

But by total coincidence (I hope), it ended up getting an offer the very same weekend I was looking at it and didn't have any interest in getting in a bidding war

With that being said use the 70% rule you can't buy and rehab total budget more than $175 All In.  

Both are totally fine as if the place sucks and someone rents it THAT MEANS it's the best option for that person at that price point.I've bought slums that were renting for $500/m, fixed them up, and leased them for $800. 

If it were just $750 a month, that would be a total loss of $162,000!

Who ever did the job obviously has never mudded before and is not qualified.

@Ryan Blake I totally agree. 

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