In my calculation, the -30% is for vacancy and maintenance, long term. 

It would be fairly attractive and I think fairly low-maintenance, but it would cost $4/foot to buy and install.

Most houses that go to tax sale need more then paint and carpet. if a homeowner can't pay for their taxes they certainly aren't spending a lot of money on maintenance.

Low maintenance in the near future...@ $225k, monthly responsibility would total ~$1750My second inclination is stay put, but cash-out 50-75% to leverage into additional rental properties that would cash-flow better and have better cap rates...  

when i moved out here from the east coast, i was relieved to find that most tenants routinely are expected to provide their own refrigerator and cooking appliances!

You generally have lower maintenance tenants, and they are just easier to manage because of those things.

Even after moving out the cash flow should be positive enough from both units so that you can afford to handle all the long term maintenance and tax increases and still make a profit.Betting on appreciation is risky as far as I am concerned.  

My second question relates to fees:  I calculated the annual equivalent of - move-in fee (1/2 of rent)- annual maintenance of A/C & furnace: $85- management fee 10%- lease renewal fee $200 (every year)- rehab fee (when tenant leaves) $600- vacancy (1 month / every 1.5 yrs)- 10% repair accrualAfter all these fees, my Cash-on-Cash return seems to be 5%, not the 15% top line that just looks at the monthly rent and mortgage payment.  

In my experience, they can be higher maintenance, so I watch carefully for any sign of that when I meet with them.  

Are you putting any money into the property for maintenance, repairs or utilities?