West of 288 will have low returns because you're talking about very desirable areas (midtown/montrose/heights/kirby/rice/etc.), though you'll not be killed by a bad manager as there isn't as much riding on their quality if it's a good area.I have a lot in 77006 but I also but a lot in 77004 since you get more bang for your buck and it's clear that area is getting better.

I'm currently also under contract to purchase a 2nd property in Petersburg, and I own one in Colonial Heights and three in Hopewell.

Carpet in the floors with a good pad would help considerably.

@Will Gaston these are in Melrose Heights.

Last major consideration: This is your first property, so pad your numbers conservatively.

This brings up the monthly considerably as the project will be a year or so till cashflow come from the investment  Vs the HELOC - only pay on money being used could potentially have a lower interest rate but more of a hassle if the HELOC is paid off/rolled into loan later or rates rise. 

They pay for this right in the form of option consideration. 

I am living in Chapel Hill but open to the markets anywhere in the triangle to gain as much knowledge and experience as possible in the coming months.Thanks for your time and consideration,Mark

They may need to "sell" it with some type of consideration (consideration is basically price) to make it legal.

I was just curious if there was something specific you would take into consideration or focus on in making your first step.