I am a 27 year old business development and sales operations professional in the greater Seattle area.

At an 6% capitalization rate (very achievable) you are left with $9k net operating income. lets assume when you borrowed the $120k from the bank they lent it to you at 3.5% interest over a 30 year term.

(A) need to accumulate more capital/equity somehow or(B) need to lower your monthly nut or(C) take on more risk to achieve higher returnsThe actual numbers vary widely based on market, types of leverage used, and how you operate... but the equation stays the same.

As a result, I am interested in referrals for professional property management firms who operate in the College Hill area. 

Donald Cooley The owner of the business has been pretty open about how their business operates, and I've learned a lot from him.

What permits and or licenses are needed to operated in the state of Pennsylvania?   

@Jason Dillard   I agree with your premise in non appreciating  markets were its a given that appreciation is not going to happen at any appreciable rate .... in those markets your NUTS to buy anything that can't cash flow significantly and or you have bought it under market ( IE retail value) And it really depends on your ability to scale and run an operation.. you need a crap load of doors bringing in 200 a month to make any serious money  like a 100 or more.

Okay so here's my scenario: you are a business owner in the area, but you are tied up in running your operations.

When folks headhunt me, I ask for three things.1) Access to their interest rate pricing.2) Put me on the phone with the regional underwriting manager. 3) Put me on the phone with your regional operations manager.4) I'm not interested in talking to you, headhunter/recruiter dude, so go away.I have found that there is absolutely a trade-off.

I also thought about considering inclusion of either a new fridge or washer/dryer to add as one time operating costs (1,000 under repairs and maintenance)I wound up getting a taxable income of 950 bucks after things like debt service and depreciation.