The Fed QE 1-2-3 is a concern and I figure the best we have to look forward to is 70's style inflation.

IMHO, you need to get on a plane and go have a look at the property and the neighborhood in person.

My neighbors who own homes love that I am beautifying the neighborhood and picking great tenants.

You are however getting 8-12% on your money fairly safely though - really depends how much value you put on that.Also - whether you agree with my strategy or not, the MOST important thing is find metrics that suit your style, and do NOT deviate no matter how good the deal seems.

TO me, it seems someone that isnt local would only be able to provide basic help and would not be as in tune to the pros and cons of the neighborhood, local incentives, people to talk to and work w/ etc.

However, the rental is in a low income neighborhood and I don't know how it will play out over time.I don't want to owe money on that house.

I currently live in an 8-plex (2/1 units for $625) in a C+ neighborhood.

(Leasing for August 2013 started in January.)I would suggest to ask students where the "nice" neighborhoods/streets are to live off campus and target research there.

3 bath (all three have showers, one has shower/bath) 2 car gar house in the same neighborhood.

But given that Andy is new to rental marketing and the whole landlording thing and we dont know how hot his rental market is in his neighborhood , I'd plan for it taking a month to get tenants in there.