As for the actual rent and if you live off it or not, you need to write it out (use excel) to figure your total income (at this point your rents) and subtract all expenses related to both houses, also account for maintenance and vacancies. 

This is also excellent training for when you want to get your own skin into the game.

Hello,  I live in a neighborhood with excellent public schools and my daughter is graduating.  

Google always has pretty up to date images on the maps app/feature.I then take these addresses and put them in an excel spreadsheet and I typically do some research on the county tax assessor site.

I'm told the market in Iowa is solid, and is excellent particularly in Iowa City (20min south) and Des Moines (2hrs SW).

mindlessroller21,I think you have an EXCELLENT PLAN!

Landlording http://www.mrlandlord.com/mllshop/management.html#P1N is an excellent book covering what all it takes to actually be a landlord.Being a landlord includes all of the following topics.

Excellent site.

Here is how I would evaluate this deal based on the market rents of your other units:Gross Rents: $1,000Operating Expenses: $500NOI: $500Mortgage ($31,500, 30yr, 7%): $209 including initial rehabCash Flow: $291 per monthThis looks like an EXCELLENT deal to me!

I have dozens of low income rentals and they are excellent rentals.