One difference that factors in is the Term length and what happens if the project finishes sooner. 

As the area improves I believe proximity to the lake for recreational purposes and proximity to the train to downtown will be a key factor for people moving into the area. 

Occasional PMs will not notify owners of a new lease signed, but that never should have happened when the property was for sale, as rental income is a huge factor when purchasing a property. 

I also like the idea of a coin changer when the coins are moving from the coin changer directly back into the bucket they came out ofEPA and waste water may be a factor. 

It is where I ideally would like to live.Needs a LOT of work: full gut.

I would try and get a multi-unit property, although I'm not a US investor so correct me if I'm wrong, but by leveraging it as a 20% down payment, you're able to get a 4 or 5 unit property, which, with the right property, could be a cash flow BEAST, but I would be sure to factor in everything conservatively and definitely keep property management in mind. 

So in other words, even though you and your partners income is solid, it may not be enough to cover the debt service and all the estimated expenses by a factor of 1.2. 

Hey there, this deal doesnt make much financial sense to me, im not an appreciation type of guy and i dont know the exact play here, but a cashflow of 183.16 for an initial investment of 27.5k money down means you would need 12.5 years to recoup your initial investment, the market there is heavily saturated and wont provide you much cash flow, if you are already factoring in property management, then you might want to look further away for better cash flow, im in the process of purchasing a 4plex that will cash flow me 1,500 mnthly after all expenses and accounting for vacancy on a 175k loan

I was planning on using my VA loan to house hack in our new area, as the property we are on now isn’t our ideal rental property.

Sounds like you made the best of a less-than-ideal situation.