Limited monthly cash flow, but maintain good rate of principle reduction at 15K and say appreciation of property at 2% a year.Shortly after joining the Army I was interested in using both retirement accounts (couldn't contribute to TSP then) and real estate to prepare for the future. 

They don't have access to the interior of a property, so there is quite a lot that they do not and cannot take in to account.

Account Closed - If you DONT have VA disability you should apply for it.  10% or more waives your VA funding fee forever and makes the VA loan the best, period.  

Fortunately they will usually count retirement accounts towards that total, so TSP or an IRA would probably count (although anything invested won't be counted at face value, they'll do a % of the total to protect against a down market hurting those reserves).

Account Closed, Just be happy it didn't cause any damage to property/people!!!   

If its less then adjust your offer accordingly, and make sure your agent tells the listing agent that the offer price was adjusted on account of the low Buyers Agent Cooperation Commission split.

The dues should be raised every few years to account for inflation etc.

This covers Legal, Accounting, Pest Management, etc.HOA (find out)As you can see these could easily add up to 50%.  

travel, legal fees, license, accounting fees, office supplies...this could included in your property management expense...just adding more line items. 

I suggest asking for proof that they've been paying their rent on time and for a full accounting of all expenses at the property.