Also is it true that I can make up the low yield by growing the rental units thru refinancing as total income or asset value increases?

I do plan to budget another $5000 per year for boat maintenance (haul outs etc.) so total yearly expenses would be roughly $9000 plus utilities.

But the homes down south of Chandler - totally different story - I would have lost my shirt.So bottom line, I found that if you buy in a ROBUST area that has demographic tailwinds (jobs, pop growth, income growth) and more importantly, at the right LOCATION, you will not lose money, as long as you are able to HOLD thru a downturn.

@Nemo PatelI totally understand.

A total mess.

So if only 1/3 is purchased, then the 1/3 sales price would be added to whatever basis the buyer has in the 2/3 of the house and added together for total basis in the property. 

Property Location: Moss Point, MIssissippi32 unit complex4 buildings sits on 2 acres and all units are on the ground floorAll 1x1 units (Market Rent: $500/mo) 60% Occupied ( most occupants are long term social security recipients ) Per the seller (seller from out of state) all vacant units just need cosmetic rehab to be market readyPotential Gross monthly income: $16000 ( all units rented and are paying market rate) Current Total Gross Income: $7400 ( due to vacancy and residents paying BMR) Current Monthly Expenses: $1941Monthly Note Payment: $3419.43Asking Price: $660,000Seller Finance Term: - Seller wants to be cashed out for the amount left over of the loan balance ($295,000).

I discovered bigger pockets, bought some books and I began buying rentals.Without providing a long drawn out explanation of my positions, just know that I have three 4 unit buildings now, a total of 12 units, all excellent deals, all cash flowing.

If not, I totally understand. 

@Alex Deacon thanks for the advice, I totally agree that renting to students could be very high maintenance- this is a great point.