This is a good test for the Minneapolis, and in the short term, the values may dip.

I have tested lots of scenarios with calculators and understand where it thrives and where it sinks.I am in a small mountain college town (one block from University and 2 blocks from hospital).

Maybe you can get away with fixtures and other stuff easy enough to test but be careful.  

But that is just me...I would test test and test.

The rental income should be near 1% of the purchase price, but ideally higher (1% rule/test or 2% rule/test).When talking about cash-flow you're always talking about NOI (Net operating income, which is income - expenses) minus debt service (loan/mortgage payment).When talking about cash-flow as a % we're usually referring to the CoCROI (Cash on cash return on investment) as a ratio of the cash-flow to the money invested, which should ideally beat passive investments otherwise available to you, in order to make sense as a worthwhile active investment.

That reserve can grow to 15% or 20% if one of the utilities is not turned on and/or structural work is being done; you can finance up to 6 months of house payment into the loan as well if you wish given it may be months before renters can move in and you can move in so the 6 months of financed payments is a nice option; you will need at least a 680 middle credit score these days; a 3 or 4 unit will need to meet what's called the Self Suffiency Test- that is total of all projected future rents taken at 75% of gross must at least equal the total house payment, you can include the unit you will occupy to meet this test though.Example: Buy at 100,00 and add in 100,000 for rehab + 10% Reserve of 10,000 = 210,000 then 3.50% down payment is 7350.00 with mortgage of 202,650.

Around me, its can get expensive when you don't have public utilities because there are inspections / tests for the well water, septic, underground storage tank, in addition to the home inspection w/ radon testing.Bottom line:  you want to see what is the cost of the loan and what sort of interest rate will they give you. 

My test is would I be comfortable giving it to a close friend or relative, if not then it’s not a good deal.

This letter includes some very succinct reminders (when/where/how to pay rent and late fee penalties, how to report maintenance, and a few rental-specific instructions like how to change the air filter, shut off water, and reminders to test the smoke detectors.Sending a letter after they occupy is also a good way to check in and verify everything is OK and show some customer service.

It did not pass the smell test.