I did do a showing today with a young couple in their late 20s and their expecting.

@Tye Foster when you hear about a boom or expected revitalization in an area on the news a podcast etc you may often be too late.

Non of the move-in ready ones are going to be killer deals, but you can cover your mortgage with rents, put some away for expenses, and build equity while you live free, but I wouldn't go in expecting too much cash flow. 

You are allowed to charge a reasonable fee to maintain the account, and with interest rates on savings accounts being so low, tenants aren't really expecting any return on their depositI've been a Manhattan-based RE broker for the last 5 years specializing in luxury and new construction condos.

I am expecting it will cash flow me at least $500 if not more.

Is this a legitimate expectation?

I just closed and was given a check in the amount of both tenants deposits.Right away you want to call and transfer any utilities that the previous owner was paying, as well as call and set up a time to introduce yourself to them, as well as lay out clear guidelines and expectations as to what to expect with you as the new owner, ie. where and when to send payment, contact info and info on what to do if there are any issues that need to be addressed.I just closed on a new duplex and acquired tenants, i called right away and started service for water and garbage for the tenants, as well as met with them in person, I showed up with a copy of their current lease agreement for them to have as a refresher, a basic rental application for them to fill out to make sure i had the most current information about employment, tenants, contact info, as well as had them make a list of concerns and things that need repair. 

I’m using this method currently, and expect it to be my retirement income in the future.

Do you really expect them to make an appointment with the seller or asset manager to sit down and discuss your text message? 

"Insanity is doing the same thing over and over again and expecting a different result