It has to be newer and low miles. 3.

So I keep three full sets of keys for all units:one set in the locked maintenance lockerone set held personallylast set held by the tenant(s)It takes organization to manage keys.

My lender said I could have gone as low as 3% on the down payment - this is dependent on the lender.

If your mortgage is higher than 45% of your rent rate, you're probably not in the best position if you have an investment property that is going to have a higher vacancy rate or maintenance load.

I'm not sure how you manage a property from out of state, you'll need to have someone local that can handle maintenance, emergencies, etc. 

I think their rent is super low for the area but nothing I can do until their lease runs up.

On an investment in a condo or co-op, what numbers are you using to calculate Cap-Ex and Maintenance in situations where HOA fees cover external items like the roof, building exterior, foundation, landscaping, etc.?  

Because your principle and interest payment is probably hovering around $2,800/month, not including property taxes and insurance, maintenance and any allowance for capex.But forgetting about cashflow, your return, even if had NO expenses or payments of any kind would be around 3.6% based on a valuation of $1.3m.  

Would any of you guys take a deal with this low of a return?

I waited until I knew enough about investing, to reduce my risk, before I pulled the trigger and made my first purchase.I'm taking massive action to acquire properties over the next 5-6 years and take advantage of the low interest rates.