There are a lot of variables, of course.The next argument in favor of starting out this way is to give you a chance to groom your skills as property manager, if desired, and develop and improve systems for easy management.

I understand the 2/1 is not a desirable floor plan to start with, but wanted to educate myself on an objective way of analyzing such deals the way an appraiser would.

I can only see that 5 years from now in even the most ideal Euro retaining scenario would look like a sad purgatory with little hope on the horizon.I'm not particularly familiar with the political side of the desire to keep Greece in the Euro other than the simple Europe v.

As far as the HELOC, banks do these loans hoping to collect interest for a number of years to come; since the property is listed for sale, the loan duration will be brief so not as much interest will be collected - so not really desirable for the bank. 

It's vacant, homeowner probably does not have the capacity or desire to fix/rent it. and would like to wash their hands of it for the amount of the loans.  

Landis,Does that apartment building going in next to your potential property have any effect on your desire to purchase the property?

I do think the rental rate is fair but I also know the neighborhood is becoming more desirable and from the people who I met at my showings many of them were frustrated with how much rental demand there was

Don't connect the two.To figure out the lease payment you will be making, take your rental income as a starting point and subtract all the expenses you will be handling (paying), then the desired cash flow (if you don't make positive cash flow, why bother).  

your ability to get join / ask your question is great, but i have to agree with members that you need to figure out what you desire as an end goal, be honest with yourself in regards to what you are and aren't willing to do for it and while your at it, It might be wise to set down with your agent and determine if you have the right one.  

Its ALL about the numbers.I may like something but if it doesnt fit my game plan or doest calculate to my desired return I dont purchase it. 3/2 will cost more - does the income compensate for it?