We bought our first two houses as light fixers in desirable areas, as defined by the base Housing Office and at an E-5 O-1-2 housing allowance, that we could improve over the years of our tour.  

Cash Flow around 700 and cash on cash 41%   1st in class b- neighborhood and appreciation likely2nd in class c+ neighborhood and appreciation questionable 1st would definitely have more desirable tenants (not to say 2 tenants would not be ok).3

Good Question,I have the same desires, so will be tracking this conversation.

You are simply shifting your management responsibilities to a single issue as opposed to multiple separate properties.Being a active hands on landlord requires not only specific skill sets but more than anything else requires the desire to self manage.

Maybe it's in better condition or in a more desirable location in the complex.

My Situation: I submitted an offer on a rehab REO property that is in a highly desirable and competitive area.

How an anyone answer that if we have no idea what the $$$$$ numbers are as they relate to your desired cash flow?

Depending on the building, layout and system, sometimes those issues are hard to combat no mater what.Running toilets....annoying but cant force a fix...... often easy DIY fixSinks not draining...... pull the trap and clean them out...pretty easy to do yourself....if you are lucky, then that will fix you issue....if not its further downstream and you will need a plumber.Water intrusion......best you can do is frame the conversation around the fact that the issue is destroying his property and investment and it's going to cost him more $$ in the long run if he doesn't deal with it now....appeal to his desire to make $$ on this place.....Sucks but sometimes you have to just band aid the issue as best you can and/or fix them yourself until your lease is up and you move.

Fannie/Freddie guidelines are very similar in about 95% of situations however the other 5% of situations may have little nuances which makes one GSE more desirable than the other. 

I also don’t have a huge desire to manage a ton of properties down the road.