A lot of people neglect things like utilities that the owner pays, vacancy, deferred maintenance, management, and the higher interest rate that commercial loans carry. 

In this market, particularly in tenant occupied units, if you wait to see them it will be too late.If you're shopping in Ogden, you will also need to be a bit handy with deferred maintenance (or know someone who is) because the vast majority these properties will have some issues.

That boot would normally be taxable but since you've lived in the house for 2 of the 5 years prior to sale that $500K becomes tax free and the rest is tax deferred in the 1031 exchange.

IF there is a bargain available, chances are it will have deferred maintenance and you would be very limited in what you may be able to purchase with a loan, as a first time homebuyer.

Based upon your numbers $875 - 590 = + cash flow of 285 / m I figure your monthly cash return at 32% of monthly rent which is strong.Key is management fees which with SFH is a no brainer IMHO why pay someone to manage something that typically self manages itself other than maintenance fees which again I defer to ?

The property is distressed, but is mostly cosmetic, dirt and some deferred maintenance, $10k to $20k  would make it highly salable if I could acquire the property at a discount or even at all.

I use this report to decide what to include in the Rehab budget and what can be deferred for CapEx reserves (anything over 5 years). 

It could be because of deferred maintenance, it could be because of specific issues with the location... 

Since your entire gain was $400K there would be no need to do the 1031.So if you want to defer taxes then you will need to buy some other properties. 

I generally like to defer to people who actively contribute on here, but if you're having a hard time finding somebody, I do have a guy I've worked with on multiple occasions for multifamily deals in the Springs.