The bad news, its been limping along with bad tenants and horrible property managers.

__________It's not all bad though.

It’s probably overpriced or in a bad area

There are other ways to gain experience without jumping into a "bad" deal. 

I do have a $75k condo in Brianhead and it does NOT pay for itself (bad snow year, bummer deal, maybe this year it will).Seems like a few others agree that the small towns have good starting cash flow for SFR rentals.  

You will have to be very selective in your neighborhood choice if you look at Waianae.The key is to look at multiplexes, or what we call multi-gen homes.

This may be bad, but I’m using State Farm our there.

Mike,In my limited experience with property managers the usual flat fee is around 10% of gross income so if you are basically hiring them as such that might not be a bad place to start.

How you found it, how you financed it, the good the bad and ugly, the outcome, etc?

We have a lot of people on here who've never really seen the bad side of cheap money monster.