These low-value condos can be tough to sell and the reason these deals get broken like this is because the developer tries a sales strategy and fails, opting to just keep the rest. 

It's hard to find good managers for small properties as the barrier to market entry for said managers is very low.

If I remember correctly, median home prices are fairly low and population is decreasing.

They low-balled me and offered 25K.

"Medicaid is a program intended for those with low income" Medicaid is not intended for people with assets that can be used to take care of them in their declining years.

This way you could get into another house/duplex/triplex/fourplex for low money down (3.5-5% down), live there for a year, rinse and repeat.

Here are some things to consider; USDA loans were created for low income rural housing, so not everyone house is eligible for a USDA loan.

However, why would you want to enter in such a low margin business?

LVR restrictions on any property that is not your home, very low yields, high building costs, median house price in AKL that is over $850k.No building depreciation, and government that is introducing pro tenants laws... 

I think your expense estimate is very low.