Fundamentally, I do not see a way the demand for rentals can decrease which in turn means I would not anticipate an increase in vacancy and rent drop.   

The Midwest offers some great returns and also will be less likely to see decreases in asset values if interest rates continue to rise.Be careful in your analysis and I wouldn't plan for a great deal of appreciation at least in the next couple of years. 

Once you reach the 4 bedroom mark you renter pool is decreased and becomes more seasonal.The best locations in town are typically within a 5 block distance to the seawall with the area opening up around 27th Street to encompass the entire historical areas.

Having enough margin in rents, such that again, I could handle having to decrease rents if necessary.3.

Heartland MLS is showing a September decrease from 58 - 51 year over year in Sept from 16 - 17.  

-What does that agent do when there's suddenly a noticeable decrease in demand? 

That $40k in equity is now only worth 3 times its face value, and as the property appreciates more, that equity's value decreases even more. 

Without any forced appreciation, increased NOI, decreased expenses, or creative financing (seller financed) you most likely don't have deal.

If rents were decreasing that I would understand the need to charge the landlord and in addition to the tenant a fee just to keep the lights on. 

and enough pots pans and eating stuff to last 8 days, or would you need maid service more often.If the sink has a hand held squirt nozzle and a soap filled sponge wand it's easier than doing dishes by hand.The maid could change the sheets and towels, vacuum, cleanse the kitchen NSF sanitary (including the fridge), take the garbage to the curb, put down some carpet fresh, etc...Let the boys divvy up grass, snow shoveling and who makes the pot roast, carrots and potatoes for that night (that's a real muscle building meal).If you do go with a maid, it might be wise to pick one they won't be hitting on all the time, to ensure she is there to get her work done vs etc...