I am looking way to invest some excess cash and to hopefully turn into some steady supplemental income.

Is there truly a demand for this type of turnkey building?

Thanks Ken yes Rachel but it's expanding https://www.forbes.com/sites/scottbeyer/2015/04/24...Heres news:http://www.sfexaminer.com/landlords-demand-fewer-r...They're trying to expand it in California with AB 1506 and repealing Costa Hawkins.... this is a domino waiting to happen when housing prices get high rent control gets on agenda so politicians can get short term votes. 

When demand is  very high for a class of properties, finding a similar but less popular class can be a good idea.

You can typically get a free initial consultation with an attorney to ask such questions about responsibilities and the like.I know this example is unrelated, but it sounds like when creditors come after surviving family members of a deceased person demanding that they are responsible for their debt.

Because that is how the seller is pricing it (supply and demand) and that is how a residential loan appraisal will be structured.It is possible that the numbers you are running on an income basis are leading you to $110,000 purchase price.

I'm in a bit of a rush because I'd like to close in the summer to take advantage of the high demand for rentals. 

If you buy an asset that is in high demand, that demand couples with a low supply will push the price of that asset up, whatever the asset is.  

If it is in a high demand area of the metro...chances are you will make more money owning this property over the long term than what you will make redeploying the capital to some place else.

I would recommend renting them out slightly below market in order to create a high enough demand that you can be picky with your potential renters.