You don't want to get near a position of negative cash flow.You will also want to consider whether this house is a good investment compared to what you can buy. 

. $1300 rent on 40K investment is a no brainer compared to $2200 on 200K investment.

Build a local team that is familiar not only with the area but also with the type of property you are purchasing - location, unit count/mix, rents etc...These folks will be your boots on the ground.

Per the lease the resident needs to maintain the grounds.

If the income is acceptable compared to the debt payment, then that is the ratio.

Cap rate is difficult to find in smaller communities it seams (not that much product to compare).

Account Closed , Sounds like a good idea PROVIDED you can build them at the right price.First i would suggest you talk to Drafts man or Architect to figure out the $ cost per sqf in your area. more often then not building from the ground up is more expensive them buying existing building. and the RETURN ON COST including the land, will be much lower.

I did it my own way and did not use a TK provider and now feel like I have a solid team on the ground. 

The laws vary greatly from state to state.Regardless of what area you choose, I can not stress enough the importance of seeing the property with your own eyes or if you are investing remotely, having boots on the ground that knows the area you are targeting. 

Then compare that number to the total income show on the Schedule E.