Typically, you don't want to lose money, especially if you have a long vacancy, major repairs down the road, etc.A couple of considerations to calculate:1.

Most NEW owners are very unreasonable on price because they want the highest price when they should be focused on reducing vacancy.

Typically you are left with a 1 month vacancy with a PM as they start to advertise it either once it is vacant or just before it becomes vacant. 

@John BertolonIf your goal is to have tenants move out so you can do renovations I'd hold off on doing upgrades unless they lead to higher rents.However, if you want to keep the tenants and the repairs are inexpensive and beneficial long-term, it’s worth doing because vacancies will cost you more.Replacing items like appliances can be costly, so if they're working well, I wouldn't address those kinds of requests.

In "Expenses" you've missed vacancy and management.

I enjoyed what I did building cool bridges and hotels, but I was not too fond of the daily in and our grind.Jumping ship has brought bigger challenges, but I am happier tackling them with people I love working with.With respect to real estate & being a landlord, it's honestly something I do NOT ENJOY that much either (dealing with HOAs, repairs, vacancy, etc.)...unless you can buy properties and completely offload the property management, which was and is hard for me to do with my scarcity mindset. 

Same with contracts, rates, vacancies.5.  

Hi Yu Jin,Dayton is a step up from Toledo but also comes with a step up in price.The numbers make sense in many Ohio cities.You make money when you buy and not when you sell.So look for off market (We do a lot of direct to seller), negotiate hard, buy with cash and buy quickly.Great deals don't last so you need to know the numbers very well in your target market.I've flipped hundreds of properties in Toledo since 2014 and am glad to say that I know the market like my back pocket.All I need is the address, scope of work and how much I can buy it for.Quick access to AREIS, the MLS to run comps and "ka ching".I know if it's a deal or not.Immerse yourself in the market and become a market expert on the numbers.Nothing comes easy mate and all good things take time.If you are looking to build a rental portfolio in Ohio you have to build a big one.Buying 1 or 2 properties and expecting a significant impact to your bottom line from a net-worth or cashflow standpoint isn't worth the risk IMO.In all sub $100,000 markets, it's important to build a large portfolio as there is a high likelihood that you will have repairs and vacancy on 1 or 2 properties at any given moment.Just my opinion and all the best.

Seasoning and vacancy are a consideration, but a DSCR lender should be able to consider those items accordingly. 

A combination of lack of infrastructure partnered with historic highs in population growth specifically in new international students pouring into the area to attend Cape Breton University, has presented less then a 1% vacancy rate on the island.