However, the area around the university is really well kept The closing price was $83K, so my monthly payment (principle and escrow) is right under $500.I plan to do a lot of work to the house ($15,000 worth of improvements) and bring it up to a “good rental product” status, as I believe a well kept property will attract better tenants.

The APPLICATION of the principles and critical thinking is what separates those who find higher education useful. 

@Scott Benton I am still a youngish investor and have learned that developing tough skin when the market goes up or down (mainly when it’s down) and when things don’t go as planned is a skill I am still working on.That being said paying that much ahead (6 months) in this low interest rate environment is not a good idea from a purely objective investment point of view.

)2- Does anyone know of an online template process that allows you to properly and objectively evaluate a property?

I'll have to get my investment criteria and strategy down solid and not get distracted by shinny objects.   

It is the principle.

@Alvaro RodriguezWe have used Google sketch up in the past for basic drawings that do not need to be stamped by an architect.If you do not feel like doing it, you could probably go to a local vocational school and give it as a project for the kids to do.Just begin by taking a rough sketch on a piece of paper with some dimensions and giving it to them with some pictures and they will clean it up.If money is no object, then Call architect but I would never do that, LOL

You don't have any debt but you can still use the principles to help you get started in investing.

Can someone recommend a resource for objectively evaluating the investment potential for areas in the US?

I’ve had much better overall returns on our nicer properties: less turnover/tenant damage/management costs, more substantial rent increases, more principle pay down, more appreciation, much less headaches.