However the general economy of the Allentown area seems a bit stronger, but houses in the same condition there cost a good bit more.I'd be hiring a property management company most likely, since I'm not local and this would be my first property, so this is going to be a big learning experience for me.If anyone has any thoughts, I'd love to hear them!

In consideration of Landlord foregoing the installation of a keyed dead bolt device on the back door of the dwelling and for consenting to the Tenants installing a “doggy door” in the back door of the dwelling at the Tenant’s own cost, Tenants hereby waive any and all rights and remedies they may have against the landlord for violations of the Texas Property Code and for any and all damages which the Tenants may suffer as a result, or in any way relating to, a keyed deadbolt not being installed on the back door of the dwelling or as a result, or in any way relating to, the allowance of a “doggy door” to be installed in the back door of the dwelling.

We bought the property (in great condition!)

Have you figured out what it's going to cost to get it in rentable condition?  

@Julie Macd to answer some of your questions, I work with 100% passive investors and they are earning anywhere from 8-12% cash on cash in Everett  depending on the age and condition of the property.

The condition of the house is pretty bad, ceilings are really low (i am 5'10), floor seems uneven,  entire house needs new flooring, new bathroom, kitchen, patio deck is warped.

Also, let’s say I find a deal that may look interesting (by looking at the physical condition of the property), how do I figure out the costs such as insuranse, garbage/sewer, water etc?

Another lesson learned here is to make sure that the security deposit is a sufficient amount (many get a full month's rent) and have it stated in writing that the security deposit is non-refundable, but gets converted to a refundable type once certain conditions are met.  

However,Depending on the roof condition there may be more options.

I am a new landlord and rented my property 1x so far for 6 months to someone I know and work with that did not turn out well at all - I was completely scammed I convinced him into leaving my property without going through the eviction process and he took care of the house as in keeping it in good condition.