They can be strict but as long as there are no major issues you should be fine.Best of luck!

I would develop a solid criteria for size and product type you are looking for.

I undertand the 50% Rule is there to cover vacancies and repairs, but just about everything in the property is new from the roof to the central air, and I don't foresee any major repairs for the foreseeable future.

I usually run with the 8-10% rule unless you are purchasing and you know or near future major expenses which should be calculated into your purchase numbers and not necessarily cap ex.

However, we found that the majority of owners of property we manage insisted we wait a few extra days. 

Are the major items replaced/new (roof, furnace, ac, appliances, windows?

Much lower barriers to entry, but I just heard another major employer is pulling out thousands of jobs.This one is in my town so easy to self-manage. 

Im not playing in SW WI, but i do in Northern WI, you really need to know your market and numbers, compas are tougher to understand, but I do well im my markets, the majority of my portfolio is either rural, or in towns below 15K people. if you have a good team and a PM that operates at a high level, those markets can be gold, but its not for everyone, its not easy, but generally there is little competition and high demand@Michael B. population of 70K is quite big in most of WI other than Milwaukee, Green Bay, Madison and Appleton, there are not many cities north of 50K populations. 

In order to convert the house into three units it will need at least $ 105k in rehab.I believe a savy investor can turn the current property into three units plus develop the two l0ts and build two duplexes or two single family houses ( arv for the area  2/2 130-140k   3/2  160-185).most houses in the areas are rental properties although is a very convenient area close to all major highways, MLB Statium and 15-20 minute drive to city capital (Atlanta). i would like to wholesale this deal  or possibly partner up on the deal.. 

Los Angeles has a rent stabilization ordinance on the majority of properties.