It is a 4bed/2.5 bath, 2250 sqft single family home.I have looked up a few numbers.Appraised Value: $134,000 (HCAD)Total Market Value: $142,000 (HCAD)Taxes are about $220/month (HCAD)Mortgage Payment: $610/month (used zillow mortgage calculator)Insurance; $100/monthOthers (HOA, WSG): $50/monthVacancy: $160/monthCap.Ex: $160/monthI do not know anything about repairs on this property as I have not seen it, but considering it is built in 1978 and the current owner has been there since 1999, it will need quite a few updates.Conservative Rental Income: $1600/month (Trulia.com)Cashflow: roughly $300/monthThe only things I am a little concerned about is:- Elementary school is a 2 out of 10 on Trulia (Middle school 5/10 and High school is 8/10)- Not a very big back yard, still ok sized, but not a lot.Any feedback would be appreciated :)

Can you add an inlaw in the back yard, unit or a bedroom to increase rents?

You will get the most rent per unit for a single family home, because you can offer a yard, garage, maybe a pool, and more privacy.

I put about 7k down (3.5% + closing costs, etc) to get into it.. so if I sold it for 160k I would make my 7k back plus a couple of extra grand after the realtor fees are paid for it sounds like, not bad for only living in it for a year.Me being a single and younger guy, I just think a house is too much for me in terms of keeping up with it on a daily basis, yard work, and things, so I was thinking of possibly renting it out and getting myself an apartment for now (or even a second home for investing purposes but I have no idea on the income requirements for obtaining a second mortgage).

Having your own people "own people" is probably key -- you'd be able to find remnant chunks at any stone yard kind of place.  

Especially with all the newbies buying "deals" off the MLS.My last deal, I literally just threw a sign in the yard the morning I bought it and had my agent list it on the MLS and resold it for a profit.I have offered to refer a lot of the tire kickers to an agent and told them their best bet is listing with a agent because they want top dollar.

The property is a very new single family home with a good-size fenced yard (built 2012, 2500 sq ft) located in Taylorsville in Salt Lake County.

Of course, most of their back yards are in the flood plain.

(Tomorrow a foundation specialist is coming out to look at the foundation to determine if it is salvageable and if so what the repair cost would be.)  

Instead of listing with an agent (certainly not your Mom), or just putting a for sale sign in the front yard, you need to do some aggressive marketing to get this house sold FAST and for TOP DOLLAR.A Highest Bidder sale is the fastest way to get the house sold.