In this case, I dodged a major bullet with a seemingly nice but questionable tenant who turned out to be a real problem for the owner.

2) can I get close to 2% in rent from the purchase price.3) can I recoup my initial investment to purchase the home (down payment, closing costs, rehab costs) in 3-5 years barring any major unforeseen repair?

No matter one's opinion on Art, Engineering, Finance or Education majors, the reality is a baseline education is helpful in REI.College teaches a couple of valuable skills: how to dig for information and how to apply that information to real world scenarios.  

It is located on a major hwy next to a I-95 exit.

Or at least a major part of the loan.

I have also repaired almost everything in a home. i only avoid major electrical and plumbing.

I just finished the book last week and it seemed to have different ideology than the majority of investors on the forum and other books I have read.  

General Rule of thumb to use for SFR, but can be a quick guide for what you're looking at..1% for A neighborhoods1.25% for B Neighborhoods1.5-2% for C Neighborhoods2+% for D Neighborhoods.Not sure of the exact location, but I would venture to say you're probably in the C range in Madison and the way she is charging tenants/ vacancies.As-is with vacancies I would estimate $390,000.Completely Occupied / No major deferred maintenance $590,000.I'm curious to see other peoples thoughts on this too..

Very relevant as we all do our yearly tax rituals (whatever yours may be)...The Schedule E is not ideal, but for round peg expenses (that are legit "ordinary and necessary" expenses, and the IRS and tax courts have lots of info, be it regs, opinions, and decisions on that) that do not fit in their Schedule E round hole categories, I try good ole' Line 19 and I even write in a couple (be it condo dues or cell phone) that are major contributors to the category in the small space provided.

I think investors are hungry for multi-family properties of all kinds for two major reasons.