Plus I believe this would attract some class A renters since it's in a nice neighborhood and the upper end of price. 

Decide if you are willing to get a fixer upper, and determine if each property is an area you'd be willing to live in.If your wife is willing, pool credit with her to qualify for a bigger loan (yes they need her SSN for that).  

I'm familiar with lead in old houses as my daughter was diagnosed with high lead levels in the 1990s.  

I think this will also push me a bit more towards fixed rate debt (as @Brent Coombs suggested), although it's just hard to make that trade-off well given the levels, a 7/1 ARM saves a couple hundred bucks a month vs 30 fixed, which would go a long way to either paying down the principle or compounding that cash flow into additional properties...Thanks folks

It needs to be a really nice place that is upper middle--not crazy expensive, and in a great area.

I'm getting $4,500 for a 1,500 sq ft 3br / 1bath upper unit around the corner. 

Now it is probably back up to the 2005 value and more but if landlord's recession level rents couldn't keep up with costs you could be in trouble.

Simply click the box in the upper right corner of the post!

But it's a MF commercial property right now and that's the only way a bank is going to look at it, and on that level it's probably worth about $250K less than he's asking.

There may be a level (under one hundred bucks, for example) where you do not want to be bothered.