In regards to your current deal, I would be hesitant because even though you will be able to afford the mortgage payment and it looks like you have a renter already in place, there is still a lot more that would need to be figured in.1) Taxes ( Not sure in your area, but you could find out very easily or this may already be included in your payment)2) Cap Expenditure (Figure at least $100/mo)3) Repairs (Figure at least $100/mo)4) Property management (8-10% of current rental rate roughly $150) - I know you may manage it yourself but if you ever decide not to, you want to take that into consideration so you can plan for that.5) Vacancy Rate (5-10% of current rental rate $75-$150) - even though you have a renter you have to plan for the worst case scenario if something happened to him and you were unable to find someone to rent to.So if you add the above that is an additional $425-$500 not including your monthly taxes.  

I forgot to include the unit numbers.  

I have lived all over this great country, including Nor Carolina, and always come home to Texas.

Also If you are selling we are interested in hearing what you have.Criteria:SFH$80k-$130kEst Rent Rates Near $1,100+ p/m1100+ sqft2+ Bedrooms2+ BathGarage - Attached Preference but not mandatoryNewport News,VA - Hampton, VA proximityMilitary Base Proximity - Fort Eustis PrefRenovatedTurn KeyAppliances included.

Other options include, assumption of the current owner's loan or owner financing.2) You definitely need to start up a corporate structure.  

If you perform the repair personally, you have to be reasonable in charging fair market rate. eg. if it takes 1 hr of your labor for some handyman's work, $20-30/hr is reasonable, even you're probably paid much more in your own line of work.My suggestion is to first fire the PM who obviously wanted to skim some profit by inflating the repair cost while exposing you to lawsuits (remember you're in CA - a blue state and San Jose - a city with rent control).

@Mary Joe Not meaning to be a smart ***, but if you are looking for passive, low return, risk averse, long term investments, what not just invest in a few good income (dividend paying) blue chip mutual funds?

Include the plans for the trailer's demise so the underwriters and appraisers understand it's going away.  

I am biding my time a bit, last year when we finally got the town to phase out rent control on vacancy we were also able to get them to include a floor increase of 1.5% if CPI is less.

Can someone recommend a company that offers affordable postcards with shipping included?