@Adam Boonzaayer Yes, the seller bringing cash might change things a bit: It would depend on how much they've got.

This, of course, depends if the kids are still in the home.

All depends on usage. 

This article might be helpful, but isn't considered 'official legal advice' https://www.nolo.com/legal-encyclopedia/handling-t....What I would do depends on what stuff is in the apartment.

the rate always depends on investor's appetite.

It depends on the type of tenant that rents each and the cash flow vs wear and tear for me. 

@Steve Vaughan  also very much depends on where in the US it is.. and what your tenant base is..some tenant bases around the country are peach's and cream and not tough on property and pay on time.and rarely does  a unit go vacant one moves out 3 to 5 days to clean and turn it another moves in.in other parts of the country tenants move a ton.. are tougher on the homes.. bigger credit risks IE don't pay and it can take more money to turn them over  and longer time finding new tenant.. so it depends.. but 50% is a good rule of thumb if your having to hire it all out that's for sure. 

It all depends upon your needs. 

It all depends on the specific numbers, age of the condo, the specific city/town.

.$3500 does sound really high but it depends on a lot of factors.