Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620, many blemishes, but should have no evictions in last 2 years.

It has a population of about 90,000, and it is a much higher cost housing market than Albuquerque (incl Rio Rancho).

You can try to incorporate a seller concession to help cover closing costs and reduce cash to close.

My credit union does 95%LTV with no closing costs and desktop appraisals.

Those factors don't even take into consideration the cost to prep a unit at turnover and possible placement fees paid to an agent to find a replacement tenant.

One must accept the fact that there will be mistakes, there will be cost paid, but in the long run, as long as one doesn't quit, and try to improve on the process every day, one will get better. 

The water bills are a big cost to me.

If you're going to flip, it could work, but you would need to analyze the properly for that approach -- which would included getting detailed and accurate estimate on repair costs. 

If they were the right land/building ratio and made sense to do a cost seg/bonus depreciation, could I potentially offset my entire W2 salary?

It also is worth approximately $140k more than my property is currently worth.My question: when evaluating renovations, is the math as simple as (Additional rent expected per month due to renovation * 12 months/yr)/total cost of renovation = ROI.