Since you are asking advice- I'd define what you expect rent vs monthly payments to be, ie, how much cash flow you require on a deal.

Especially since this is not in the best neighborhood you are probably looking at higher than expected costs due to turn over.Also if you go down this road charge High Security Deposit cover your back side because you will be using those funds to make ready the unit when they move out in most cases.

, broken sections of the new dry wall, the garage man door was also kicked in, and the tenant also still owed a $50 late fee on rent.

If the rents you expect are close to market, you should be able to get good tenants in there who pay rent on time.

I would expect that most benefits would be with the building department. 

As a landlord, you should expect to take on certain responsibilities.

@Kim Hopkins the time it'll take to lease a space depends on the local market, did your agent give you an idea of the local market conditions and set expectations when they gave you a presentation to get the job?

I joined the Wa LL Assoc. and they have acceded my expectations by a long shot.

And they were warned going into the process that because there was no hardship, they should expect for the lender to come back without a waiver or asking for a contribution. 

I've gotten burned twice now on broken sewage pipes.