P&L, Bank Statement, DSCR etcVery common for investors to make the switch when they need to or when the cons are no longer greater than the pros compared to conventional loans.  

Get pictures of every room, the electrical breaker box, water heater, furnace, each side of the house, the roof, the basement if there is one, inside and outside of the garage if there is one etc.If the seller doesn’t want you to come do a walk-through and take pictures due to concerns over COVID-19, then have the seller take pictures and send them to you.

Then, gather evidence like recent sales of comparable properties to support your case.

Whether you should take a retirement distribution or not depends on several factors1) How much do you value the freedom/flexibility to ues the money NOW compared to when you are 60 years old.2) What type of return can you get having cash vs investing in an IRA / SDIRA.If you can make a 1% - 2% better annual return in your personal name, it may make sense as the added return will pay for the penalties over a couple of years.I personally cashed out of my retirement account back in 2016 and it was the best decision I made.

This is calculated after accounting for all expenses, including taxes, insurance, utilities (water, sewer, garbage, electric, gas), and an allowance for maintenance costs (typically 5% of gross rent, adjustable based on the building's condition), as well as management fees.I invest in the Binghamton, NY area both as an investor and as a realtor.

The city required the road to be extended a few feet, along with water and sewer.

What is occupancy and rate and how does that compare to your competition? 

Think on it, how much does $250mnth buy for a furnace, a/c, water heater, carpets, really any reno at all?

You also mentioned an unpaid water bill, so be sure to deduct any outstanding balance from that bill as well. 

**Maintenance**: Be prepared for a bit more wear and tear compared to market-rate rentals.