The house was move in ready, so I haven't forced much appreciation into the home other than Vinyl fencing and small upgrades to the landscaping.

You should check into the impact on any medical assistance to your child. 

Other than that, it was close to the 1% rule for a property above $200k, which makes the impact of repairs and maintenance somehow less impactful.

After Hurricane Katrina the rents and the values in the area had a forced spike due to the shortage of housing available.

Your housing is secure and you like it and you have time to learn more before forcing it too early.

The amount of the claim payout will have a negative impact on your premiums.Let's assume you pay $1,000 per year for your policy, and you file a roof claim. 

Regardless, the key is to let the seller's situation guide the terms, provided that you've already run your numbers (as @Scott Couch points out) and fully understand what making payments will do to your cash flow and how it will impact your cash-on-cash return.

I am buying two buildings locally here in the Chicago area with exactly this scenario, and I have learned the hard way that clearing the building and forcing the rents is the best way to get your building performing.

Your state is dumb forcing everyone into electric, how do they think they make electricity?

Purchase price is $2,000,000 for the park (no banks, just seller financing), and I believe we have the potential to force appreciation up to above $3,000,000 for this new venture.