My question is, is it a bad idea to invest out of my area? 

This tenant is extremely high maintenance and everything is a “health issue” because she has bad allergies she says but she has two cats and her apartment is a mess with cat pee and vomit everywhere.

If so, was it good or bad and how did it work out?

In my experience, most small GCs and contractors are bad at estimating.

Plus she needs a yard (she’s bad with other dogs so dog parks are not fun)

Over finishing, undiscovered issues, over charging contractors is exactly where much of the profit goes on bad or low equity investments. 

@Shi Fallon when starting out its not a bad idea to self finance your first few deals to keep your holding costs down.

@Patrick Daniel My bad, I suppose I should have mentioned my goals with REI. 

That way you are less likely to go a stray and make a bad decision.There is  another reason you want to keep PM in your analysis when you plan to self manage.  

Are my numbers/ calculations far off, or is this property really this bad?