Things to look for are potential higher maintenance costs and less long-term appreation.

Based on the financials - maintenance, capex, your mortgage payment, taxes, management fees - you should be able to run some numbers on this property to see how it performs. 

I'm newly married, so now with a dual income household and split expenses, I'm starting to feel more comfortable about taking a step into investing in real estate.My original goal was to always keep my current home and rent it out regardless of where I moved next, because I think we could make $200-300 per/mo. on it (not including maintenance/vacancy) - and when the mortgage wraps up, even better.We're not looking to move any time soon, so I think our next step will be to look for a duplex in 2022 - hopefully near Bay View but open to other Neighborhoods in the Milwaukee area.

I hope some of the skills that i have acquired and connections made with other trades will benefit me with rehab and maintenance!

I see people buying left and right - however when I "work out the numbers" considering income (rents) minus - mortgage, taxes, insurance, vacancy (5%), maintenance (5%), cap x (5%), and sometimes PMI the properties just do not cash flow and sometimes lose money every month. 

This would be a negative cashflowing situation, where you'd still want to account for maintenance, vacancy, capex, etc. in the numbers which would push your expenses even higher than the $1400.

Potential upside of handling most/all of the maintenance and remodeling needs was additional $$$ in my pockets.

Beyond the Monthly Management, Placement & Maintenance fees, all other fees in our contract are IF EVENT -> THEN fees.

I’m really intrigued on how that property type relies more on not only the investors ability to value add (e.g. renovations, repairs, additions, subdivisions, etc), but their ability to implement strategies to reduce costs (e.g. preventative maintenance, technology driven services, negotiating terms and rates with service providers, etc), which in return increases the NOI.

Beyond the Monthly Management, Placement & Maintenance fees, all other fees in our contract are IF EVENT -> THEN fees.