I'd double check on the property taxes as well.In addition to the mortgage (and taxes), you have insurance, utilities (water if often tied to the home, so if the tenant doesn't pay, you are on the hook), garbage. 

I was thinking about that last night while grumbling about how difficult it is to find an off market deal, priced accurately, and how many garbage deals one has to wade through to find anything decent.  

If you do decide to do this, stay away from the franchise ones; they're usually garbage (Real Property Management and PMI.

I also give them a detailed 11"x17" floor plan with dimensions of each wall that they may need to plan out furniture placements, as well as locations of switched receptacles, cable outlets to plan where to put floor lamps, mount TVs etc...At key handover I give them more detailed package including a list of appliance models and serial numbers, a detailed electrical panel schedule, city mosquito control number, garbage collection schedule for regular waste, recycle waste, yard waste and bulk trash, smoke alarm batteries, storage shed padlocks, location of the secret switch to opens the swinging bookshelf that reveals two more bedrooms.

That's how stagnant this garbage state is.

, which will come to $320 / year.Also, the owner must pay for the garbage, which is $400/year.Just these expenses add up to $6k to 7k / year, which eats up most of the 800/month (10k/year) of cash flow.You understand now why positive cash flow is a dream in the bay area...Cheers,- Ivan

Even if the house reeks of cat urine and is wall-to-wall garbage, never put down another person's house.

Just make it a mortgage worth paying down, especially if you are going to go through all this garbage.

I'm seeing the same garbage in business brokering too. 

Also that rate software in most cases is garbage at the moment except for a few because most are built on historic data and that is useless at the moment.