There is certainly a lot of "unknowns" and the old adage, "You can't go broke taking profit" certainly seems to be playing a factor. 

@Anne PitkinAlways speak to an accountant and attorney before entering into seller financing deals.What the seller purchased the properties for is not a factor in the equation; what they owe on the properties does matter (if anything).

Factor in minimal tenant turnover, lesser chance or probability for evictions, etc and again it may make more sense. 

@Kenneth RolfeI've done multiple offers successfully before on a single family property (lease-option and seller financed mortgage), although I ended up pursuing and closing on an unrelated deal (cash).I think the biggest factor in creative deals comes down to who the audience is.

First, you will factor in depreciation to calculate net rental income or loss.

Online I see about 3-4 days but I don't expect my job to be easy so I think I am expecting 1 week.The Expected Project:-Repair of rotted door frame and two pieces of soffit-Pressure wash of of house-Prep Work (Paint Chipping, Sanding, Caulking)-Paint house 2200 sq ft-Paint 2 car garage (Only the top portion. leaving exposed cinderblocks unpainted.)

It also doesn't seem like you're factoring in management as a cost in your NOI computation.

I will factor possible future repairs into the price of the rent moving forward.

Payment Breakdown:Principal and Interest: 1321PMI: 59Tax: 253Homeowners Insurance: 33Condo Fee: 400Total Monthly: 2066 (27.5% gross monthly income)While I am increasing my housing costs by a significant factor compared to renting, it’s right at part of the recommended 28% of monthly gross income.

Preferred lender offering 3.125% interest rate.Payment Breakdown:Principal and Interest: 1321PMI: 59Tax: 253Homeowners Insurance: 33Condo Fee: 400Total Monthly: 2066 (27.5% gross monthly income)While I am increasing my housing costs by a significant factor compared to renting, it’s right at part of the recommended 28% of monthly gross income.