That way you still have cash available for any rehab work or for the next property, especially since interest rates are still so low.  

I mentioned the $1850 because I'm not sure if that puts me in the low end rentals, mid range, or high end. rentometer says I'm about average for my area.Also if anyone is familiar with Northern Virginia area and has a contractor that can handle a 3 story townhouse or know where I can can purchase a descent deal on carpet and padding (not to sure of average price per square foot here) please feel free to message me.thanks for the advice

Again, others might feel differently here.3) property level due diligence: (takes seconds to weeks per deal): here is where I drill in with the low-level details.a) pro forma popping: I examine all the assumptions, and see if they are overoptimistic or not.

Look for similar property with as low of a cap rate at sale as possible.

I think if it's the only house you have you'd be fine with 5k, more if your income is low/cash flow isn't great.

I might invest in other locations down the road, but I do not plan to invest locally - the rent/purchase price ratio here is so low that properties won't cash flow, and (my opinion) the state's laws are hostile to landlords.

You're looking at historically low cash flow/high appreciation areas and predicting low cash flow.Where are you getting -3% from? 

Why do all flippers feel their homes are worth 20% more than the current high end retail market value, and get so shocked when the appraisals do come in low?  

Indigo does require a low cost monthly subscription but it is a cool idea. 

Rents are low due to close relationships with the tenants and are currently $1400, $1300, $1600 and the owner occupied (parents).