I usually buy properties that are not making decent profit or none at all due to below market rents, most times TLC fixes this issue(Paint, light fixture, faucets).

I manage my own rentals in both collier and lee county but if you ever find a decent PM down here that is actually affordable let me know :)

Credit scores in the high 700s no significant debt and decent income.What would you do and why?

Good decent tenants? 

That means if one issue happens your going to have to do a pocket shot and like you said if you do not have a lot of capital that issue can take you down. 

House is in decent shape but can use some minor updating to add value/ Forced appreciation. 

The house on the property is pretty decent.

This deal is located in NW Indiana numbers are roughly estimated, I am planning to buy my first rental property with FHA loan, live there for one year, then move out and rent it out, Screen shot and Link to the file are attached below.

Everything sounds good if the Business your buying is decent and you going to be all in to make it a success.

Money out after 2 years $21,704.This is probably a great deal for someone that wants to hold on for a very long time.For a TK property, you actually had a pretty decent exit considering you only held it for two years.