I don't know your area, but have some idea of rental values for the southeast and would not expect it to work based on cash flow.However, if the property is "in the path of progress" and you expect its value to grow rapidly you might want to hold onto it for the appreciation. 

I was thinking this seemed a little high for Cedar Rapids, IA, but given the market we are in and being new to the game, maybe that's acceptable?  

Material and labor is going up so rapidly and you can get a price one week and next week it could be higher.

If you only pull comparative sales you may miss the mark on what it's actually worth in a market that is appreciating rapidly. 

You mentioned weight, followed by a mention of their being foundation issues.    

That sounds like alot of weight.

The joist is properly supported on either end to the ground and I wanted to know if adding a swing which would weigh about 100lbs and with people maybe 3 to 4 hundred more would that joist be able to support that weight.

PNG is a rapidly growing nation.

You can use it to rapidly determine how the property will cash flow, or you can use it to help set monthly rent if the property is currently unoccupied.It's vital to keep in mind that this is merely a guideline.

Like Chris said, rates have been going up rapidly since the beginning of this year and there's no sign or indication of it stopping anytime soon.