It costs me about $5k per year just to maintain a license.

My definition of a dependable passive income is as follows:Reliable - You continuously receive income in good and bad economic times.Inflation Adapting - Your rental income increases faster than inflation, so you have the additional dollars you need to maintain the same lifestyle.Persistent – The income continues for a long time; you and your spouse will not outlive the income.To meet all three requirements, you must follow a process.

Proceed with optimism, but caution too.

Home PreparationA well-maintained and aesthetically pleasing home is more likely to fetch a higher price.

That was 2014, house will easily sell now for $150K, thats 14% per year appreciation plus it PROFITS $800/mo in cash initially now its $1000/moI do NOTHING to maintain this property because its filled with families, who make good money.

The bank only maintains records for 6 years.  

One of the big items is that you'll need to get a lead certificate but otherwise it's not too bad as long as you maintain your properties.Also as you noted, the tenant pool in most areas Woonsocket can be "challenging".

Of course, this is not all nor the only questions to ask yourself, I would say to really weigh what you are willing to spend and maintain for STR v.

Depending on the areas, I'm willing to budge on the cap rates that I try to maintain, or the financing I try to obtain.

His rent is way low and I am sure he will try to keep it, but I can only pray that he wants to maintain a low profile.