Check the outside of the property for issues and make a punch list of those that can be done even after the tenants have moved in. ie, when we redo a property, we get the inside completely done and then advertise it while working on exterior items.

You may be able to bring that down a little since the HOA will be handling exterior issues.If this is going to be an investment, you'll need to put at least 20-25% down.

I understand this can happen in any market but I know that MA is also over the top siding with Tenants as opposed to Owners.The reason I ask this is that I'm trying to determine whether or not NH would be a better place to start.  

Hot water heater, paint exterior and interior, etc. need to be budgeted.

I know I will end up paying more in the long run on interest, but I will also be getting a better return on the investment as opposed to having to cover the difference between the mortgage and the monthly rent brought in.

This extra $250 +/-$30 per month plus the additional cost W/S/G and general care of the property figure a total increase of $350-$400/month for a $145k as opposed to my current living situation. 

Three things immediately jump out at me:1) Utilities: Are you sure that you would be paying these as opposed to the tenant?

During first 6 months, there was a a few fixes that needed to happen, some electrical, dishwasher went out, some exterior work.

From inspection of the outside the exterior Foundation appears to be in good condition without cracks.

EXTERIOR PAINTING: After the pressure wash I feel that the house will look presentable.