You can rent anything in just about any market if it's priced appropriately.

No Capex seems appropriate for a new build that you only plan to hold onto for 5 years.I also self manage, but I think you'll want to factor in at least 8% for PM just in case (Maybe you move and can no longer manage the property yourself, etc)Factoring an extra 13% for the above two mentioned items is another $225 a month so you're still cash flow positive

page=1#p4361812Acquired my first rental property in Morrell Park, Baltimore at $70,000 exactly a month ago and did some rehabilitation - modernized bathroom and kitchen, painted all the walls, replaced doorknobs, installed 2 more window A/C units, and lightings.

Hi Jaison,If it were mine, I'd be ready to take appropriate actions in case he decides one-sidedly to "short the rent" by his bill amount.

I charge between $50 and $75 for late fees on my Eastside properties and a market appropriate rate in my OOS.

However, what I definitely do for some protection is post the appropriate Pay or Quit notice so if they do not pay on the day promised, I can immediately file for an eviction the next day.With that said, I've also non-renewed leases when every/most months I was having to post notices.I also got creative and worked out an agreement with a couple tenants where they pay a partial rent every time they get paid or every two weeks. 

If the owner was open to such an option, could you please suggest possible structures that are typically appropriate when it comes to seller financed deals? 

I've searched a few terms, to try to get a better understanding of all this and how to better understand my numbers and to calculate things appropriately.

The logistics of doing quick tenant screening, finding an appropriate property management company, and coordinating storing my household goods with my date of departure with the move-in date of a prospective tenant, etc. aside, I also have to let this tenant know how long they'll rent my house for. 

Just tell him your expenses have increased, assuming that is why you want to increase rent, and give him the appropriate notice.Check your local laws and your lease as to how much notice you have to give and if there are limits on how much you can increase the rent by.