I would not assume any good appreciation on the property.The 4 units are all rented, all month-to-month.I'm getting a good rate on a conventional loan with 25% down.I'm assuming these expenses:10% vacancy15% maintenance & repairs$85/mo for lawn maintenance and miscProperty taxes based on 2012 records (plus some for appreciation)Insurance based on rate quotePM cost of 8%, with estimate of 2 new leases (at cost of 80% of month rent).These all boil down to a 55.47% of gross income expenses (more than the 50% rule).So these numbers are based on above expenses, with and without PM:Cash on Cash: 5.35% / 9.15%Total ROI: 9.2% / 13.0 %Cap Rate: 6.44% / 7.48%GRM: 7.69 / 7.69Debt Coverage Ratio: 1.3 / 1.5Break Even Ratio: 0.80 / 0.73Since it's about an hr from where I live, and in a bad neighborhood, I was considering using a PM.There was talk about the rents being raised, but I probably should not consider that at all in my analysis.Any thoughts / comments / suggestions?

Hey Dan and thanks for such a comprehensive introduction . . . with posts like that, you'll be a hit around here!

No debt at all is an extreme position.One measure of risk is "Debt Coverage Ratio" This is your Net Operating Income divided by the amount of debt.

Different amounts of liability coverage will change your premium, but not by much.

Insurance may be another issue with a CFD, look into lien holder coverage and additional insured to avoid two policies with you agent.Lastly, the standard deed in escrow with a quit claim deed can now be a problem, ask your attorney to address the issue as the seller is limited in recourse of default, so you should really agree to a non-judicial process if that is done in your area, incorporating terms of a deed of trust.

I'm getting lots of exposure, but only one solid offer (for 10K less than I owe) right now.As for agents, I have had several offer to be my lister, and until recently haven't had one propose a plan of action more comprehensive than just putting it on the MLS (which I could do for $150 on my own).

Do not include umbrella or other additional coverage's added to the policy.

I've worked for the government for over 20 years and on all of our insurance we've always had the proper level of coverage.

It actually worked out better for me because my coverage went up on the house, and the annual premium actually went down by about $50. 

That said, your list is very comprehensive and an investor will want to know YOU are thinking about all of these things.