I also don't deal in low-end rentals, so I've never had problems with freeloading deadbeats like I guess some of these posters have that are adamant that your friend is a bad tenant??

Weather is nice here and median income tends to be solid with low cost of living .

I think I'm setting the bar nice and low on this first trial.

Obviously it keeps the payment low, I'm sure I could always pay more each month.- I know you would need more information to give an educated opinion of the deal, but just looking at the rough terms what are your thoughts?

Personally I will only rent yo someone with a government voucher in the very low end neighborhoods. 

Low property taxes in city.So many deals, so little time!

Now, I know the object is to keep expenses low and profit high, but could a few simple additions increase your bookings?

That seems extremely low to me.

Have any of you considered or do any of you put that money into a CD equal to the length of the lease so you can gain a significantly greater amount of interest on that money you will hold onto for the foreseeable future rather than letting it sit in a low yield savings account.

If it is really low, I would take a look at the aggregate cost of your debt once adding the HELOC.