You can easily get 8% cash on cash return in Baltimore for the right property. 

The cash is from retirement accounts.The $52,000 should return ~13.6% assuming 10% vacancy and 10% maintenance.

The other thing is that I believe we're in a downturn and will be for years, so the only passive income stream I see offering low risk and steady return is some select corporate bonds purchased at peak interest rates.

I will be here for 6 months before returning to the Denver area for work.

I've seen way to many multi family properties just get into that death spiral of a slum lord and horrible tenants and it's just one band aid after another until finally the owner extracts whatever they can and exits.I personally would want to be buying something at a little lower price, perhaps redeveloping, etc.Build value rather than extract value.If the assumptions above mentioned check out and you're happy with those returns I don't see a major hurdle ----  big however though is that you're only outperforming your cost of capital by maybe a percentage point?

Another option would be to bring on a money partner who funds the deals while you do all of the legwork.If you find another job, you should be able to do HMLs to fund the deal, and then refinance into a new loan to return the HML's money. 

So I could easily charge $900-$1100 rent ( which is the average for the area.

There are a million calls from unqualified tire kickers that will try to waste time, schedule appointments and not show, ask for applications and never return them, etc. . .It will depend on the area and the market and the price and value compared to the market of course -- that's my experience in 'A' and 'B' neighborhoods.My last unit, I tried to push the market and got no qualified applicants -- 10 days later dropped the price by 4% ($50), and got 3 qualified applicants in the next week.

Or at least get your CPA to treat it that way and take a chance in an audit.But you may not have to go so far as to separate your tax return which usually isn't advantageous. 

It might be the best way to get your money returned fastest.Speak to brokers and mentors in your specific area.You can use  https://www.biggerpockets.com/forums/521-events-and-happenings to find local events