So now those returns look awful combined with high rates. 

I recommend looking into places like Cudell, Old Brooklyn, Brooklyn Centre, Jefferson and West Boulevard.

I would recommend reaching out to a few local loan shops, and highly recommend credit unions in today's rate climate, to see what products are right for you.

New construction SFH in a B+ grade community across the street from the high school and middle school.

What recommendations do you have in terms of what to take a look at/action items after 1 year? 

Water temps too high, must be between 100 and 120 degrees Fahrenheit (at tap) 10.

There’s nothing worse than a lender that over promises and then can’t deliver (sometimes they don’t even review your file before giving you the pre-approval letter and assuring you that all is well, charge you for the appraisal and let you go through inspection and pay for that out of pocket too, then their underwriters get involved and discover some reason they can’t process the loan leaving you high and dry).

They will move on and look for the next person who isn't smart enough to figure out what they are up to.It's highly likely that if there was a claim on your own policy it may not be covered if it was being sublet for a separate commercial purpose (AirBnB, etc)... so I would be really careful about making sure you are covered insurance-wise.Proceed at your own risk, and all the best!

I would only recommend the promulgated form if it is a simple and straightforward lease. 

Go to Etsy and search for "rental property tracker," and you will find hundreds of nice spreadsheets to track 10-20 rentals, usually for under $10.Software has extremely helpful features like online payments, marketing syndication (click a button, and your property is advertised on multiple sites), electronic document review/signing, maintenance tracking, and owner reports.