If they stay, that's easy money, if they go, that's your opportunity to fix them up to a higher standard.

Yeah I factored in standard expenses and it's in a flood zone.

Maybe I should just renovate it and rent it out since it is also close to one of their biggest hospitals there (Mayo clinic).

Will I be able to grant the buyer standard grant deed when I sell this?

I am familiar with the standard Zillow and alike applications.

There is a substantial difference between vinyl, formica and standard appliances and granite, tile and stainless steel among other things.

The pool of "good" tenants dries up and landlords lower their standards, resulting in unpaid rent and trashed properties.

What is standard practice?  

Don't think we will get there, but if we do get back anywhere near 2004 lending standards (or lack of), it may shoot up for a year or two then look out below!

Think strategically and two or three purchases down the road; certainly think through the options on how/when/if you use that 10% down loan because it can open up options to higher priced properties that don't require any work now and/or limited future maintenance if you are buying newer properties (ie down payment is the only cash you need beyond standard reserves, etc).