Exterior needs repainted, but other than that pretty solid.

That use of leverage is really the only solid reason to invest in rentals and deal with landlording and so on versus the stock market.

But to leave it in the house for another yr or two would also be wasting any return I could get on leveraging it.Thoughts?

The work involved in finding the deal is the same and the returns is higher.Regarding your question, instead of going for average cap rates, I would buy a property if it makes sense financially in a location with solid job growth.

PMI is wasted money and you would get the better cash flow with little less COC.

Seems a waste of time since I'm doing the work, but if it's the rules, it's the rules.

The place looks pretty solid outside of a 70's tile kitchen counter and somewhat sparse landscaping.

I found that a thinner margin for a rock solid house makes better long term financial sense and has a much lower hassle factor.

Things like Legal, Accounting, Marketing etc. can all be things that you would want to account for even if just as a miscellaneous/fudge factor.That being said with that giant vacancy rate and pretty healthy maintenance line item the numbers look pretty solid.

Craigslist is hit or miss; as you will get bombarded with tire kickers or other new wholesalers that will waste time.