In the end it is ultimately up to you and your unique situation. 

Not only is there always a unique deal waiting for you, but this squirrelly economy will scare away a lot of newbies and inexperienced investors....Throughout my long (but possibly unremarkable :-) RE journey, I have never once taken stock of what the economy is doing when I approach a possible deal.

We're in a very unique market right now with how fast prices, rents, and expenses have climbed while simultaneously being stuck with extremely limited supply and no end to that in sight.

But there is a LOT of potential on the near east side.I am a little unique with some local investor groups because I like the West side as well.In response to your other questions -- PMs run about 10% here, your maintenance of $1000 per year may be a little low especially if you are buying an older home, unless you completely rehab up front. 

There's a great amount of lousy listings to compete with, which is encouraging, but that's partly a product of it being very hard to get properties improved, decorated, cleaned, etc.

Ex:  "Two Chicks Investments"  (owned by 2 women) leaves a cute little 2 bird decoration at each house they sell. 

Purchase price: $275,000 Cash invested: $80,000 Sale price: $535,000This flip had some unique challenges, including a shared driveway and a railroad crossing directly behind the property.

Hi Alecia, the FHA 203(k) mortgage may be a good option, but be sure to weigh the pros and cons against your unique financial needs. 203k standard maximum cost I will be the Lesser of purchase price plus rehab costs, or 110% of the after-repair home value.

Furniture can be acquired in a variety of ways, but you will want to make sure it's durable, unique and fits the aesthetic of the place.

We fully furnished and decorated the unit to make it as attractive as possible to STR tenants.