The tenants were originally compliant, but then started being uncooperative as we moved closer to putting it on the market.

Bad" market areas, which a number of people might include South Providence and Olneyville in, tend to be much cheaper, so the returns are better - but properties in those areas also tend to be much more management intensive.If you're going to be managing yourself, which is a very good way to get familiar with an area, I'd say stick within 1/2 hour (ideally 15-20 minutes) of wherever you're going to spend most of your time (home, if you'll be retired).You'll find very quickly that before you know it, you'll probably develop the Rhode Island mindset of not wanting to drive too far, and it's just easier to stay on top of properties when they're closer by.I'm much more familiar with properties in the Warwick/Coventry/West Warwick and north part of the state, so if you know you're going to be centered around Newport I'd suggest connecting with some people specifically around there.

Trash $19 Actual Electric $0 Estimate, Tenants pay Gas (for Heat) $0 Estimate, Tenants pay Landscape / Snow $125 Estimate, large shared parking lot, lots of grass, lots of snow Accounting / Tax $50 Estimate Legal $30 Estimate Vacancy/Loss 10% $253 Estimate, number bank appraiser uses Repairs & Maintenance 5% $126 Estimate, appears to be very little deferred maintence, would be confirmed Management 10% $253 Estimate, would self manage, but to put against NOI Total NOI Costs $1,763 ................................................

If you have not done a rehab or fairly new, I would take a closer look to make sure on the cost of a rehab.  119K + 40K + 9% for closing 180K (16K) = You make nothing for your efforts at $180119K + 40K + 9% for closing 200K (18K)= You make 20k for your efforts less interest9% closing covers a realtor, misc. fees etc.

I would say the hottest areas to flip right now are closer to the center of the city.

Does closer to Miami mean it's more desirable,  closer to the ocean?

Generally the closer you are to the busiest intersections, the less desirable.

@Chris ChesserTake a closer look at the time component when analyzing the school option.Most students spend about 15 hours per week in class.  

I though 25% was the high end and have been estimating that it would be closer to 15% that I need to come up with for tradition 30 year financing.

I.e. keep the grass mowed, have some lights on timers (esp exterior lights), and generally keep it looking clean and well maintained.