In my market 13 min walk would be too far for me, since the competition is much closer.

YES - If this is truly a project HUD building where HUD 'guarantees' rent for all units then there are very specific / screening / reporting / inspections requirements that you must meet; tenant income thresholds, REAC inspections, etc.You can do this yourself (HUD has to approve you to self manage) but most owners elect to hire a PM who is licensed / knows the systems / paper work / HUD office contacts.

When I add all of those costs and divide this number by the total rental income I get the following:Non-Mortgage Costs (with property management):  $2370/monthRental Income (all 3 units rented):  $3600/month[Non-mortgage Cost]/[Rental Income] = 66%If I do my own property management, then I can deduct $430/month so the modified calculations would look like this:Non-Mortgage Costs (with property management): $1940/monthRental Income (all 3 units rented): $3600/month[Non-mortgage Cost]/[Rental Income] = 54%This is closer to the 50% closer but still higher. 

Spend your funds on marketing and not inspections, etc.

Thats a big plus as the maintenance costs will be lower over time.I also like to be closer to downtown.So as long as there is not more crime in the downtown location then I would prefer to have a newer property with lower cash flow that is closer to downtown. 

Lehi/Saratoga Springs is booming is well, but probably closer to 20% gains in the last year or two.3) I'd recommend you look at areavibes.com or trulia.com/local for safety information. 

Make sure you have an inspection contingency and a mortgage contingency if you are getting financed.

I just think the market is so different here we have no choice to get in the market but with single properties either a family home outside the CBD or an apartment closer.

I have this property on contract subject to home inspection at 135k.

Going forward the best system is to do regular inspections, quarterly, and when any damage is found immediate have it repaired.