But at the same time, I don't want to be in a hole, with negative equity, making up for the difference should the appraisal come below the agreed price. 

DH and I did a deal a couple of years ago and during the first year the cash flow was negative in a big way.

I'd much rather face the situations head on and as early as possible than deal with any negative ramifications down the line!

I admit I am somewhat surprised to see this amount of negativity about the idea of using property managers.

Sorry to be negative on answering your questions - but that's the best I can do.

Around here that would turn a primary into an investment, negate homestead, eliminate real estate tax breaks, require rental registration and lead cert, etc.

I would not just throw my money at a place as an “investment” when you will probably have a negative cash flow.

But a T-12 is going to be zero or show it has a "cash-flow negative" property. 

I never intended on using the word "hyped" in the negative way that it can be used.

The real estate agent said there is a "premium" on some of them because it's close to downtown or a college. description: 4plex, Studio Units (fully renovated)Price: $475kRents: $795(seem to be ok for the area)x 4 units=$3180.0050% rule= $1590Down payment: 30%(seems to be the norm for down payments)Loan: 332,500 @ 6% over 30 years = $1993.51---------------------------------------------------------------------Math shows I would be at a Negative C/F of -$403.51So Obviously the offering price is wrong, but what would be a good price for the property?