The seller should consider how the asset is currently performing, rather than solely focusing on the pro-forma. also be careful of flood zones and be aware that if you are buying in Hoquiam, landlord are charged water from the city directly and you have to absorb or bill back tenants, which can be a pain.   

He may need some care and discipline in his life.

:40-60% gross revenue (after cleaning fees) for either 2 years or until the investment is recouped then 5-15% cut in perpetuity. 

I would be careful to project, however if you can add value that is great!

House hacking can be a great way to get started investing while cutting your living expenses down to nothing.

Be careful to read about broker and other fees, or you may end up spending more than you expected.

The same economies of scale would could apply to submerging utilities and other cost cutting areas. 

Be careful renting out a basement.  

2) Will the tenants be responsible for lawn care, will you be managing that, or will that be hired out?

I am looking for recommendations on a lawn care company to service the rental properties as well as a handyman to call for repairs/maintenance issues.