I cash flow $146/m with no turnover, no repairs, and I manage myself.

Wait until you have an extended vacancy or a major repair.

Using the 50% rule and a new >$800 PI payment you are ranging from several hundred negative cash flow to maybe $100/month if you happened to score one of these deals in a slightly higher end town.Obviously if you just did $50K of rehab you should cash flow much better than this the first several years as repairs and capital expenses should be low, but in the long run you need to account for them.

. $85 repairs + $150 Misc(I read that as Cap Ex and General Maintenance) looks good.

Are the occupied houses in good shape or will there need to be repairs on them as well?

(I spent $4,000 in repairs on my rental last year for an unexpected repair....it just happens and you need extra $ for that kind of stuff!)

@David Perry yes I did have to put down 3.5%, but then during the inspection I was picky and ending up getting $4,000 in selling repair credit, on top of doing a seller concession to cover the closing cost.

There is a lot of risks because you don't know how to evaluate a deal, how to negotiate a good price, how to estimate repairs, etc.

It can also be a write off above this 100,000 mark as well if its to repair/rehab/upgrade your residence or if its used for investment/business purposes as well.

When she moves out of the apartment make sure you have a formal letter closing out that lease showing the transfer of the deposit and any deductions for repairs.