I have a lifetime of experience in many areas of construction and maintenance and I realize the average person doesn't have many of those skills.

I frequently see 4-plex's that have original kitchens from the 70's and 80's, have neglected maintenance over long periods of time, or even have leases that are several years old without any increases in rental rates.

@Luke RedfordOne airbnb strategy I've seen routinely be successful is acquiring properties near local hospitals.

We have properties that have machines that we own in our laundry rooms as well as properties that have machines from a vendor.It comes down to whether you have an existing contract in place (these tend to be long term - 10yrs and often inherited) , how much use/income you anticipate and whether you are willing to take on the maintenance of the machines.For in-unit machines, you can buy and rent them out to the tenants or you can partner with other vendors who will do a revenue share.Hope that helps.

Is there a third party company who can provide maintenance, a property manager, etc?

In looking at turnkey properties the rents are routinely less than 1%.   

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

Maintenance and CapEx is dependent upon the condition of the property.

The formulas used in the example are:ROI = (Income - DebtService - ManagementFee - Insurance - RETax - PeriodicFees) x (1 - StateIncomeTax) / ( DownPayment + ClosingCosts)Cash Flow = (Income - DebtService - ManagementFee - Insurance - RETax - PeriodicFees) x (1 - StateIncomeTax)Note:Neither Texas nor Nevada have a state income tax, so I left the state income tax out of the calculations.When comparing properties, you are unlikely to know about property-specific costs, like maintenance, vacancy, or renovation costs.

But in our area, we can get them for $110k or less.The rents are typically higher than an sfr, but so is the maintenance and in particular, the rehab costs.