Paint, Plumbing, Roof, Flooring, appliances.B- neighborhood.55,750 down payment + 20k in repairs.  75750 all in.Median rent for the neighborhood is 2k.532 cash flow.I already asked them to drop the price by 15k for us to remain in the deal. 

I recommend renting it as a 4/4 and being clear about the set up. 

That way you are not competing with 30 other owners for rent.

There may some merits to investing upstate/western NY, but I would suggest doing some serious homework into eviction timelines, annual rent % increases, etc. 

Most if not all of them rent.

This goes the same for calculating rents in the area, I what to know the real data.. i.e. from the MLS, or insurance from the broker/insurance agent to make the right decision.

you said "rent covers mortgage." you need it to be significantly higher than the mortgage to cover all the expenses you are going to incur.hope this helps...

Looking to buy homes to rent and flips later on.

Speaking with the seller's agent, all the tenants are current on rents and pay rents on time.

Assuming your numbers are accurate, I'm estimating your monthly "rent" or your contribution to the monthly expenses will be about $2,000.