A red flag would be the Realtor asking you to go above your budget and asking you to remove the appraisal/financing contingency from the offer/contract.

Exterior property maintenance like lawn mowing and snow removal can be the tenants responsibility. 

Below is a screenshot of the model results but see below for a break out of the assumptions:Purchase price = List price (room for negotiation)Closing Costs = Estimate from lenderDown Payment = requirement from lender @ 25%Interest rate = rate offered on a two unit rental from lender Total rents/Month = current rents in place (room to raise based on market) Property taxes, Insurance, Water/Sewer, Trash removal = all reflect actual amounts paid by current ownerVacancy rate = 10% of gross rent Cap Ex = 5% of gross rentMaintenance & Repairs = 5% of gross rentMonthly free cash flow = $155Total ROI = 7.14%My question is simple, do you think this is a good deal?

The house had the knob and tube wiring removed long ago according to my inspector.

Here is one that is currently going around in my town of Waterloo, IA that i think could be a big deal for landlords:The Community Development Waterloo, Iowa Lead Hazard Control Grant completes improvements to your home to remove lead based paint up to $40,000.Both owner-occupied and rental homes can participate.Your home must have been built before 1978You must be income eligible & have children under the age of 6 who reside or visit frequently.This money can be used to replace windows, doors, or siding with lead-based paint.

-Install all of the above.Notes:-We are replacing exactly the kitchen that I removed (so no relocation of gas or electric).

Yeah, I work in the electronics industry and lead was in most all solder 20 years ago, but has been pretty much removed from everything now.

Make sure you also able to provide value to them, otherwise you're just wasting their time. 

I want to remove the popcorn ceiling and thinking what to do with the ceiling fan.

I think meals and entertainment expenses were removed from the last tax reform.