I cleaned up the plumbers' mess, and my tenant got a new faucet.  

Rental Income                   97,308.33              99.5%Total Income                     97,813.33            100.0%Expenses1155 Crawford Supplies            1,395.85               1.4%Carpet Cleanings                          145.00               0.1%Dumpster Rental                             59.78               0.1%HVAC                                        10,188.30            10.4%Insurance                                    6,099.35              6.2%Interest Expense                       19,672.53            20.1%Labor                                           9,644.56              9.9%Legal and Professional Fees          500.00              0.5%Licenses and Permits                       25.00              0.0%Mgt Fee                                        1,600.00             1.6% (although it says he managed it                                                                                                              personally)Office Supplies                                  50.00              0.1%Pest Control                                     800.00             0.8%Property Tax Expense                  4,369.76              4.5%Rent                                                 155.00              0.2% (not sure what this is for)Rental Equipment                             222.92              0.2%Repairs and Maintenance              5,929.69              6.1%Supplies and Materials                  8,867.40              9.1%Utilities                                           6,270.92               6.4%Total Expense                              75,996.06             77.7%Net Ordinary Income                    21,817.27             22.3%Cap Rate at asking price of           $899,900             2.42%I did some PVA searching and found the assessed value to be at $543,171 which would put taxes at $6092.75 for the year.

I simply let them know I can do the easy stuff, change light bulbs, clean up trash, walk the property, accept payments, get bids, collect rents and make deposits.What I found odd is that personal checks are not accepted there.

I decided not to gut it and make it like new, but, just make it Rental Ready with all repairs and termite tent and ten year roof with Central AC, paint and clean and Sell it for $60K less than the one that they gutted next door.

I'm tired of having one source of income, I've always had 2 or 3 sources through rentals, office cleaning business, my HVAC business, etc.

Tenant is a hoarder and needs lots of cleaning.

Am I overanalyzing a solid deal that requires almost no work on my part (property manager will clean up the units and move in new tenants), or rushing to grab a deal that isn't much better than retail?

I just started my own cleaning business and have obtained my ein duns number and LLC.

No money has traded hands yet but we are in contract and I want to make sure i have a clean shot to p&l statements for each property.    

The units in my 4-plex have durable laminate in the main rooms, and carpet in the bedrooms.I tell my tenants the % of their security deposit returned is directly related to how much damage and cleaning their unit needs upon move-out.