But if you are looking at it from a pure financial position, probably not. 

Immediate positive cash flow is importing and a value-add place at a commercial loan location (more than 4 units) will add more value to it and not on a house because of the way cap-rates works versus comparables. 

Stay positive, stay patient.

If possible add to security deposit for this 2) they pay water bill over X or they take over water bill split % of SF Ie 55% A 45% B. 3) they maintain liability insurance if anyone hurt/drowns in pool and you are named additional insured.Remember you will be sued too if anyone drowns in the pool.

Also I know that I’m looking for cash flow positive, and not appreciation of the house.  

Your wife deals with the leasing as you like, and you maintain bookeeping.  

I also like the idea to add shutters -- just be sure to choose a product that does not require painting to maintain its good looks. 

I am very passionate about building positive working relationships with others, and that's really the thing that struck me the most about the BP community and its members.  

That is why you may have to do two closings and budget for both of them in an attempt to not let the seller that you are making a profit on what you are doing.In this economy Fix and Flip may be the best way to go including the borrowers that are willing to finance your repairs or rehab or to purchase multiple unit houses with a loan that the FHA will provide you with a low down payment but it is only made to an owner-occupant for regularly 12 months and you get to keep that same loan if you even when you choose to move away.Another thing to consider is to buy apartment complexes and take the advantage of positive clash flow and using a cap rate to increase your value on add-on properties and raising the rent. 

You are definitely off to a great start and if you JUST graduated college - you're in a good position to get your real estate investing career started.