Someone else might have enough WFC that they collect more than enough in just dividends to cover their expenses, and they would laugh at your headache-laden RE investments, which they could never scale big enough fast enough to cover their expenses, whereas the click of a button get's them plenty of dividend income to live off very comfortably while compounding the rest. 

to be some upside that I am missing in my valuations:Purchase price:  495,000Units:                      16Rental Income:      8,400/moDown:                    20%Down:                    100,000Closing:                      6,400Repairs:                    16,000 (assume 1,000 per unit)TOTAL INVEST:     122,400Costs:  Debt:                  2,800.00 (6%)   Taxes:                   690.00  Insurance:            200.00  Sewer:                   800.00  Heat:                  1,200.00  Yard:                       40.00  Garbage:              300.00  Cap Exp(3%)        252.00 (Lower than I normally go)  Repairs (5%)        420.00 (300.00 per yr/unit)  Mngmnt (10%)    840.00  Vacancy(7%)        588.00  Screening              40.00 (tenant screening)TOTAL COST:     7,600.00 (rounded)Monthly CF:          800.00 (yikes...…...50.00 per unit!!)

Cash-on-cash is your only metric here that may matter, and it's simply for comparing properties side-by-side and asking what the best use of your limited dollars is...Anyway,Your closing costs will be closer to 2% of the purchase price: $5,800 (unless the seller is covering this...if so, good job)Repair cost of $1,000 won't do anything...contractor fees will eat 50% of that...if you are renovating, you need to renovate to drive rents...$4k per unit will maybe do paint and carpet...a few fixtures. 

When it comes to the skilled trades (plumbing, HVAC, electrical), I’ve got my bases covered.

(before inspections of dirt work i.e. ground cover inspection, rough plumbing/electrical, framing/structural, HVAC, and so on.

But a 1 year lease is common in my area, and hopefully the screening process is what gets you "mostly" very good tenants. 

It was bought at asking price, no "as-is" clause, and does have a warranty provided by the seller but I don't think that covers water damage.

A condo has an HOA fee that covers it.

Very polite, proactive in the application process, had good references from previous landlord, has good/stable employment, and when I looked them up on Facebook their information matched everything on their application.Unfortunately, they are not able to complete the screening due to a complete lack of credit history (young applicant with no credit cards or, evidently, student loans).

As long as it makes sense as an investment property, meaning, I am hitting my personal cash-flow and ROI goals while covering all the expenses you have accounted for in your analysis, then it is a WIN, and I move forward with the deal.