They generally pay 50% above market rent for a short term lease, which makes it worth your while. 

depends on location, in a city they should be within .5 mi, in a suburb 1 mile and rural  5 miles but unique properties can be stretched further, I have done thousands of BPO's for banks, the rules were 3 listed and 3 solds, within 20% speck and similar condition, and make appropriate adjustments for differences, there is more art than science to it.

I recommend contacting an attorney to ensure, see if there are any city/county/state rules that you haven't considered, and you can get a local lease from them.

As for PM costs - I use 2 different PM's , pay 7%-8% collected rent, 50% lease up fee $0-$100 renewal . 

As a rule of thumb in Columbia, I look for condos with HOA fees under $200/ month. 

JeffListing Price:$159,000 INCOMERental Income$1,748 $.85/sqft.Garage$0 Laundry$0 Storage$0 Misc$0 Total Monthly Income$1,748 EXPENSESTaxes, Property$350 Insurance$100 UtilitiesElectric$0 Water$100 Sewer$50 Gas$0 Garbage$0 HOA$0 Lawn/Snow$0 Vacancy$100 Repairs$100 "Capital Expenditures (i.e. new roof)"$150 Property Mgr $0 Mortgage $705 Total Monthly Expenses $1,655 CASH FLOWIncome $1,748 Expenses ($1,655)Total Monthly Cashflow $93 CASH-ON-CASH ROIDown Payment $15,900 10%Closing Costs $5,000 Rehab Budget$5,000 Misc, Other  $0 Total Investment $25,900 Annual Cashflow $1,111 Cash to Start: $25,900 Cash-on-Cash ROI 4.29%

At this point, I plan to look for an individual lender rather than a company--someone local who makes his/her own rules and not a company.

I am a Panama City/ Lynn Haven based commerical Real Estate broker and have nearly 50 residential rentals.

Check your local rules just to be sure.

Is there a standard formula developers use to determine if the property works with these numbers Building Area2,000 Sq Ft (20 Ft 50 Ft)Residential2,000 Sq Ft - 2 ApartmentsPart basement1000 Sq FtGrand Total3,000 Sq FtConstructionBrickFacadeComposition AverageLand Use1 & 2 family buildingsLot Area1,800 Sq Ft (20 Ft 90 Ft )Building ClassB1ZoningR6Residential FAR2.43Facility FAR4.8FAR as built1.11Buildable4,374 Sq FtAir Rights2,376 Sq Ft