@Clayton Bownds thank you for the extensive checklist.

That was with an extension.

When the city started implementing a supplemental tax a few years back she alerted me proactively since it affected my units there.If you plan to invest in the city I'd recommend taking her out for coffee as she's been there, and managing units there, for a while.On the middle school project in particular, the most recent update I have (from April of this year) is: Tai-O Group requests extension for middle school project.The part of that article which concerns me most has nothing to do with the middle school project actually, but the following:"[The developer] said the continued delays on the project are due in part to the high turnover of leadership in the city’s Planning Department since he first approached the city almost three years ago.

I would only lock into an agreed extension if you are getting more rent. 

You can also get extensions granted for delaying the listing to give time to owner and agents to stage the property, get pictures taken and prepare the listing.  

And you must keep accurate records- if you do not issue proper 1099's by the end of January you will pay increasing penalties.You're incorrect. 250 hrs implies the safe harbor - which is entirely optional, unnecessary and has been discussed extensively on this forum.

Upon the end of the initial term, typically 10 or 15 year extensions are made available with the completion of a sizable PIP. 

If you're willing to handle the maintenance and management, if you're willing to live nearby, if you're willing to see it as a business and not passive investment, if you are ready to get your hands dirty enough to personally develop the extensive skillset of a good handyman (and also make the investment in tools you'll need), and most importantly, if you have a good idea of the risks and you work to minimize them while accepting their inevitable presence, sure, there's money to be made.

Closing date, any extensions, etc.?

So I did $484,350 and $484,351.Holding constant everything but that $1 in loan amount, the rate bumped by 0.375%.Actually doing the mortgage broker thing and shopping it extensively might yield a lender where the bump is only 0.25%, or 0.125% with some minor amount of points added.