So you have to just plan ahead as best you can, be clear with all parties involved about the transaction and expectations, and work in good faith.Tenants will be responsible for all maintenance, care, and cleaning of the property so that everything is in good working order. 

David,You have just swept the floor clean with this post.

Im doing some spring clean up on the yard and wanted to just throw it out there on this site.

She is a 50 or so years old who would afford a 100% or the rent , she has indicated in her application that her daughter (30ish) and granddaughter (11) will be living with her, they are under the occupant section of the application.This lady has a clean record, good credit score and stable job with the county public school system. 

If you are busy and need help running parts from home depot or lowes, need a helping hand doing some demo work, clean up, etc....

I've seen clean up costs approach 6 figures for some of my clients.  

The lease said to automatically deduct $45 for carpet cleaning when the lease end.  

We believe that we can add value instantly by increasing the online presence of the property.Even at the high vacancy rate, creative financing on down payment, and with accounting for property management and cleaning costs (which we plan to pay ourselves to do, but may want to outsource later if able), the cabins at their current rent price will cashflow, according to the actual NOI formula above, so we are feeling pretty confident in the purchase even if the value add play doesn't work out.

quick numbers:$135,000 asking$27,000 down payment (20%)$108,000 mortgage at 5% (guess) = $580Taxes $1200/year = $100/monthInsurance $1200/year(guess) = $100/month (guess, shop around)PITI = $780/month (meets 50% rule)plus10% vacancy = $175 ($1740 rent x 10%)10% management = $17510% capex = $175Sewer/Water bill (I find it hard to believe that tenant pays this) = $150/month (guess)trash/snow removal = $50/month (guess)10% miscellaneous (advertising, cleaning, buffer, etc) = $175/monthtotals = $1680cash flows = $1740-$1680 = $60 Essentially, you will break even if you turn it over to a property manager and are never involved in the day-to-day operations. 

It'll last a long time and is easy to clean up spills.The only issue would be if it's an upstairs unit - the downstairs neighbors will hear more sounds than they would if it was carpet.