Especially if you end up charging the wrong rent, using a lease with invalid/illegal clauses, violating a law/statute, lose more to vacancy while you learn than you’d pay for the PM. 

(75%) Hi Matthew, I might have this all wrong...Assuming $175K to purchase and renovate, and and ARV of $300K...

What really rubs me the wrong way about all this is that I've been a loyal BofA account holder going on ten years, and it's none other than my own bank that is telling me this.Is it me, or is there something fishy about their refusal to keep everything in writing?

I truly hope you crush it and prove us all wrong. 

A scenario that concerns me much more is deflation; there are some analysts that predict deflation and I sincerly hope they are wrong!

I'm wondering if the price point I'm looking for is wrong.

@Scott Mac you are not wrong 😆 I'm learning to weed these out

Did we do something wrong?

I may be wrong, from what I have heard the Real estate market is still hot or active if you want to call it that, and the peak is already over, so it is on the way down. 

@Eric Lee Nation    I did ins claims in another life for 14 years - I do not recommend that EVER as someone's employment but I did learn a few things.Here's 2 things agents or no one will tell you -- your Replacement value (RV) on the house is JUICED up way higher than what's realistic -- however you have a relatively inexpensive house so it's not much of an issue - but typically the reason they juice the RV is to get your wind/hail deductible higher -- typically 1%, 2%, 3%, 5% of RV is what your wind/hail deductible will be even if you had a $1k or whatever other deductible they offer for any other peril -- so follow me for a minute - you bought a rental for $150k -- they've juiced the replacement cost to $250k the most likely loss in KS or the midwest in general is going to be wind/hail --- the math actuarial nerds do this so the casino or the ins company in this case has the upper hand -- do the math what a 2% or 3% deductible on a $250k house will be -- I have a commercial building insd for over a million -- the lowest wind/hail ded they will give me is 5% -- the only reason I have ins at this point is I'm required to -- the wind hail coverage is worthless to me with as high as the deductible is.Anyways with that out of the way - ask your agent if you have a 3% option - at that RCV cost they figured of $99k that wouldnt be much different than the $2500 all perils coverage you have now -- Also I'd wager as someone mentioned dropping the med payments to others coverage -- it probably wont make a bit of difference in your policy cost -- I could be wrong - but I'd guess $25-50 dollars a year -- your coverage is the price it is due to the perceived wind/hail risk the company is putting on KS.I'm with Big Red and have been for a # of years -- your price to insure that house is on par with what I get from them for that replacement cost -- though i think State Farms game is a bit different they really jack up the Replacement cost so I have higher wind/hail deductibles -- I'd make out good if the house burnt down or a tornado destroyed it - but for a hail claim there wouldnt be much there.