Usually our rule of thumb is if the cost of repair is half of the cost to replace it. is usually time to go ahead and replace.With water heaters we go more by age, it is much cheaper to be proactive on replacing water heater than waiting for the water heater to flood the property.  

I know for instance there cheaper than traditional single family and multi family there are investors that have made millions dealing with mobile homes 

Even though you might not live for free (due to high prices throughout San Diego), you can still live for an amount that's cheaper than renting while also accomplishing the mortgage paydown and depreciation for tax purposes. 

Yonkers has a ton of places to rent and if not the Bronx is only 30 minutes away and probably cheaper or the same prices as Jersey City (I will admit no night life here)

Including desk fees...4) As Fred suggested above, there are many independent brokers that has simpler and cheaper fees.

By the way if you obtain your own homeowners insurance for the property it's significantly cheaper.

I put the details in the google doc as its easier to display than in the posting section.https://docs.google.com/spreadsheets/d/1Gi7HweJKvb...Additional Non numbers informationThis would be my first propertyYes there are cheaper placesNo I can't buy those as they are too far from my and my fiances places of employment (this one is already on the edge)Owner Revenue is us paying ourselves our current rentWould consider this a B property in C neighborhood Each unit has central air, W/D, & Dishwasher, all of which are considered luxury items in an apartment.

in my market its cheaper to rent than to own.  

Can you find that cash cheaper somewhere else?  

Getting $20,000 to invest was simply a matter of working hard at my job and living frugally - cooking my own food, living in a cheaper smaller place than my peers, and biking to work.