This price point and what sounds like a very few investors would make it a perfect project to take down with a TIC structure - either a 2002-22 safe harbor structure or simply as tenants in common with a master operating entity. 

The nice apartments in a 4plex + are usually one and 2 bedrooms and are perfect for professionals and millennials that do not need a lot of Sq.

Perfect shape for many yearsThose are actual prices I pay so yes they are availableDon’t  assume because you have to pay more that everyone else has to pay more Rented out my first house over 30 years ago so I am familiar with rental quality fixturesPlease tell me why you would think you need a licensed plumber to change out a toilet?

Victoria, Dave gave you the perfect advice.

Not perfect but better than guessing.

If everything else is perfect I would offer a month to month lease and a the max security deposit allowed by your state.

Also, I enjoyed "The Perfect Investment" by Paul Moore.

It's not a perfect analogy, but it gives the flavor of what happens in a rental: the vast majority of houses don't burn and most people don't need emergency medical attention every day.  

Alright, perfect opportunity for me to ask!

Take advantage of you two buying at the perfect time and use the money to find a property that WILL cash flow the way you want it to!