Are the expenses really that low?  

Either call your landlord and voice your concerns and see if they would address the issue or simply go to your local hardware store ( Lowe’s or Home Depot) and get a small piece of thin plywood or some other material to place over the hole that would still allow the lines to come through.

Then I could get an idea as to how accurate my numbers are (if I'm consistently willing to overpay then my calculations are obviously flawed, same for if I'm coming out with a very low number).

You can't get those home loans with low down payment the fha and 203k loan.

My question to you guys is if a property has a positive cash flow but the cash on cash return is pretty low would you still take a chance on it???

After reading through the forums for the first time today, I am feeling like we should just sign another low payment lease so that we’ll have more time to search for a great deal.1. 

The rents in there may currently be too low to warrant development and construction of a nice, new 15k SF building now, so I'm looking for ideas for land banking with cashflow.

Leveraging the property to put your equity to work will not improve your position with your rent as low as it is.

@James Maness I think the prices are getting a little high, but if you are looking to purchase low income units, I don't think they are as affected by the overbuilding of newer units that target the higher income tenants. 

Sure, there's minimal property management, but from what I've seen, competition is very, very low.