In this case you really want to vet out the person, but can be a way to grow the nest egg fairly fast.

They can inspect before committing but not after tying it up (or if they do a more intensive inspection they can walk and eat the deposit).

Wait three days for eggs to hatch and spray again. 

I hang around that area once in a while, there's some good eats in that area.  

Have your cake and eat it too...

Condos in this range can be in more stable areas, but then of course you've got COA fees which will eat somewhat into returns, but does make capex replacements somewhat easier. 

We're now into August and they're still there and they pay like clockwork.Had I given them the notice, they would be gone and I'd have had to eat a month's worth of vacancy plus the make ready costs. 

Those will eat a lot of your income.

I surf Seattle MLS at times, prices will eat up a nest egg fast! 

The combination of tenant turnover, bad tenants, vacancy, repairs, high property taxes and not being local to keep and eye on things eats up all his cash flow.