Also, welcome to BiggerPockets, where you can find a good source of quality information and people who help each other reach their goals.

If the rents of $550/unit are market value for the area, then I would say this is a done deal, especially since you are local.At $35K and that rate of return, I wouldn't be miffed about an initial rehab cost to clear up some deferred maintenance and improve the aesthetics and stability of the property.

Plus, most buyers will see that as an 'extra' (including the hurricane fabric coverings) whereas they see any window as just a 'window' regardless of the quality level.

@Martin Yunginvestment property in Singapore is very different in nature than US.After you read @Jay Hinrichs ebook, you will understand more.Also the quality of some of the renters are very different in the two countries.

And lots of good-quality tenants (and increasing.. in the way of good quality tenants, rents, prices, etc..)Then there's the other side of town..

Middle class New Yorkers are relocating to cities like Charlotte, Dallas, Austin, Atlanta and other cities that provide a decent quality of life for their families at lower cost.

It's all going to depend on the quality of the note.   

I would say not being afraid to talk to people is a top 5 quality in a business owner.

We eventually want to rent out both units, so our strategy is to improve our unit in a way that both improves our quality of life but also improves rental income potential.The first 6 months were spent catching up on deferred maintenance on the interior/exterior.

30 year fixed rate mortgage on a high quality property which produces positive cash flow is a fantastic way to short the dollar.