At each tenant turn we evaluated the market and this year was the year to sell.  

The 2% rule is tough to accomplish in most areas of Connecticut if you are looking to do a conventional buy and hold so if that is your strategy I wouldn't get to wrapped up in that guideline for for evaluating properties. 

You shouldn't be using Cost/Sqft as an evaluation tool in the first place.MLS data is KNOWN to be inaccurate; the selling agent enters it all as 'best he/she can from the information available".Sincerely hope you have better evaluation skills than that shown here.

We do a wonky calculation that results in us using some number above your net, and below your gross.Sometimes Freddie Mac will only require one year of tax returns be evaluated, which means you'd be on hold until you file your 2016 tax returns in early 2017.Fannie Mae generally requires two years of tax returns, putting you effectively on hold until early 2018.Have your go-to lender run a made up 123 main st scenario with 1099 income, and your credit report, through Freddie's AUS.

However, I was hesitated to take the deal since I am not there, hard for me to evaluate the cost for rehab, rental rate as well as vacancy rate. 

Thanks for the advice, I will continue to evaluate the options.  :-)

Account Closed was spot on in that post.One other thing I think people forget about that I want to quickly share - if you are looking at a deal and it comes close to what you want, quickly evaluate it for some of the other ways to make money too (why not if you have already spent the time looking at it as a buy and hold).

If you are forcing that equity then great, evaluate closing costs of refi to down payment on new house.

I have experience doing Civil and Structural design and evaluation on Residential, Multi family and Commercial projects.I am experienced in the Portland Metro area.   

Make sure you have a pro extra account and log purchases into the account religiously.