It really depends on what kinds of property you are looking for, what kind of condition and what kinds of % returns you want.

Maintain your properties condition in line with the quality of tenants you want.  

Keep in mind that negative reviews don't necessarily mean a bad manager but a pattern of negative reviews indicating the same conditions or practices is a bad sign.

Remember that FHA mortgages have very stringent requirements for condition of the property, and its possible the current owner has gone through the inspection process and found that the property is lacking in certain areas, perhaps in items that the owner is unwilling to remedy prior to sale.Last note: you wrote that the owner specified it would NOT be able to be an owner-occupied purchase... was the property fully rented with leases in place?

A mobile home can rent for 500-600 a month for a detached 3 bedroom 2 bath home in decent condition.

You will have to have a statement of conditions filled out, give the tenant a receipt with the bank name and account number, you must pay interest, etc..This could be a turn-off for an existing tenant that has never been required to pay a security deposit.

Do you live close enough to drive by or visit the house frequently to make sure of its continued condition?

Repairs (which fluctuate, depending on the condition of the property, and the tenants)

I'm guessing the roof and exterior were in good condition.  

In a recent house, we found:- Lots of ammunition (sold it in bulk for $500 to a gun collector from Facebook)- Baseball cards (sold 4 cards for total of $200 on eBay)- Large Buck knife collection (sold most of them for $600 on eBay, saved a few)- Several thousand comic books (book value probably $1000-3000, though we haven't sold them yet)-  About two dozen books from the 1800s, in very good condition (likely not worth much, but very cool, and there is one book that has a good story to go with it that might help me to meet Neil deGrasse Tyson)-  An air rifle from the 1870s.