Purchase price: $132,000 Cash invested: $32,000 Single family row home.

We're trying to determine if we should sell our current home or rent it out and what to look for in our next property in Rochester.More Info:We have a mortgage on a 3 bed/1 bath single family home that we got through an FHA loan.

You'll see they do not allow 2nd's on their regular Home Possible program (but they will allow up to a 4 unit property; perfect for house hacking), but they will allow an affordable housing second (like the ones I referenced above) on a single family property.  

GENERAL INFOThe property is:1) Out of state2) A single family buy and hold rental3) In good condition4) Occupied by a tenant5) My first investment propertyThe quotes are from:1) An insurance broker in my home state (CA) who typically uses Safeco2) An insurance broker in the property’s state (Ohio) who quoted Berkshire Hathaway Guard3) One of the big name insurance companies, located in the property’s state (Ohio)Any questions (replacement cost vs actual cash value, etc) I should be aware of and asking?

Look up the costs of materials for various things (Flooring, cabinets, granite, shower tile, vanities, fixtures, fans, windows, doors, baseboards, etc) and then look up the local flooring installers, cabinet installers, countertop fabricators, shower tilers, window installers, etc. and ask them how much they charge for labor on certain things.

We own a condo and someone just purchased 130 units for over $9 million in a single transaction.

Once you've beat it to death and chopped your numbers in half, then in half again, if its still a viable angle - charge ahead. 

The main thing a Board of Directors of an HOA is charged with is maintaining property values. 

My mother-in-law owns her single family home outright in Hoboken NJ, bought it 30-something years ago when it was a slump town.

Water is covered by tenants on a single family. i've never seen a client pay for that so you can probably eliminate that expense.