The payments, even with good credit, would be too high for cash flow, and that doesn't even include maintenance, vacancy, and the like.Anyone else live in a place like this?

Facebook is also a great tool for vetting prospects and identifying any red flags.If your looking to ensure you have a constant stream of bodies to fill any vacancies sticking around the Drake area can have some positives. 

If you use Cozy to advertise,  they push to Craigslist, Zillow, etc, not sure about facebook.When I have a winter vacancy, i will try to rent for 18 mos. 

I will include my currently longest held rental (not the one I had before but sold though the rent appreciation is the same).Bought: about 150K 7 years ago at bottom of market.Cash flow at time: $50 a monthPrincipal payment at time: $230 a monthCurrent value: 330K (180K appreciation)Current cash flow: $1,000 a month after ALL expenses, reserves for vacancy, capex, etc....Current principal payment: $300 a monthSo in just 7 years rents increased enough that I went from making $50 a month cash flow to $1,000 a month cash flow. 

Your total expenses look low when Vacancy (5%), Maintenance & CapEx (15% combined), and Management (10%) are figured in.

Now that I know more, I ran the numbers through the calculator(vacancy, capX etc.) and found out I am -$150 cash flow/month.

Make sure you factor in other costs like vacancy, repairs, capex.I think converting the property to a rental or to sell will depend on when you plan to leave.If the property has got a lot of built in equity, your ROI will likely be low and you would likely want to purchase another property.

(Accouting for vacancy, and repairs bit considering it's a new construction I'd don't think the roof will go out in a year).My dilemma is that I feel the price is on the high side and I also realize I have an appraisal contingency. 

I should have been more objective on the front end and been willing to have a month more of vacancy. 

I could easily save up for the down payment, but I wanted to see if the following logic makes sense if I used a HELOC instead:House sale is 135k, could likely go for 150k today, it will appreciate by 7 percent over the next year or two.Lets assume a full 20 percent down payment from the HELOC (27k)Cashflow is about 450 a month, not including vacancy/capex/repairs, in which case real cash flow is closer to 150 a month.