As @Pam R. mentioned, it will be extremely important to decide your criteria in advance in the event you receive multiple applications.

Tenants to pay all utilities.Estimated Taxes: $1,850/yr (on high end; could be closer to $1,400 on low end)Estimated Insurance: $700/yr Taxes + Insurance = $212.50/moOther ExpensesProperty Management (@10% only when rented): $130/mo-vacancy = $112/moVacancy Loss (@ 13.90%): $2,168/yr = $181/moThis is extremely high and could be unlikely, but according to a website I use for information on the area, it says this is the average for this area because of seasonality.

Your points on DIL are well made, and I've used a variety of methods to paper the file when trying to obtain DIL's, including extremely well written (pro-lender) Pre-negotiation letters.

Luckily, termite report came clean.I'm not sure if it is the agent-specific experience or RedFin experience, but I was quite disappointed with them.

Interest rates are extremely low right now so if you can be disciplined buy 1 more house and use the money to pay off the debts in order of interest rates from high to low.But if you know yourself and cannot be disciplined then just pay off the debt.

@Cameron Ellis I find postcards to be extremely effective in my property management business as well.

My strategy to "buy and hold" mutual funds over the past 30 years has yielded disappointing results at best.

On the upside of things, though I couldn't lock in any successful deals from these 3, at least I got my 1st house appointment experience out of the way along with the 2 and 3.Of the 4 calls from homeowners directing me to Zillow to view the specs on their properties, they were all extremely quick on the phone, wouldn't answer any of my questions regarding their homes, and instantly came off as rude, especially when they hung up hardly allowing me a word in.

In order to be nicer I suggest:- show property extremely clean, yard grass cut well, bushes/trees trimmed ($400)- good paint job ($1000)- scratch and dent stainless steel appliances (they are a wow factor) ($600)- living area no carpet...

I've gone over the numbers a lot and though I don't get $100/door on this one mostly due to the extremely high property tax here in NY, it does positive cash flow even figuring in a 10% vacancy rate and Property Management of about 8%.