Always be prepared for the unexpected!

And with rental properties, I think one of the main considerations is controlling your costs so you're not running around trying to make ends meet later on when surprises pop up.If you're only going to have the rental property for 5 or so years before selling and moving on to bigger and better things, it might be a different situation. 

I can't say I'm surprised that California is so terrible, but wow, look at Florida!

So you MUST know what surprises lurk out that that may break your deal.

I've lived in A, B, C, D and I think an F neighborhoods.http://places.findthehome.com/compare/70531-71305-71446/Buffalo-NY-vs-Rochester-NY-vs-Syracuse-NYI'm kind of surprised there isn't more activity on BP from Syracuse investors.

I am really surprised that you are considering so much work for a house that will sell for $115,000.

You'd be surprised at how many don't answer their phones in this business.  8 out of 10 times I call another agent, they don't answer. 4 out of 10, they don't call back... 

We are scrambling to find somewhere to stay for 2-3 weeks as a result and pay unexpected out of pocket costs to do so.

This house was kind of an open book, one floor, open in the attic above and open in the basement, so you could literally see everything, systems, framing, insulation, there weren't really nay surprises when we got into the rehab. 

Surprisingly selling lower price point property is much harder then median price; I would try and sell it to the tenants, maybe even with a lease option, which gives them time to prepare for a mortgage.