Even a typical water heat replacement would set you back signficantly.There's plenty to the puzzle that i am unaware of but with what you've outlined here i would consider passing on the property.you know you need managementyou know you need to remove at least one tenantyou know cashflow is meager after considering management.i personally wouldn't recommend a client take on the risk for such a paltry pay out out of state.Even when considering long term appreciation the average amount of headache one assumes with a property will bog you down before the long term play pays off.

That's really it, that's the last piece to the puzzle. 

Real estate is very interesting to me it’s like putting together a puzzle in my brain and it’s fun.

And the puzzle includes many pieces that need put together.  

I remember when I was starting out, deal analysis felt like trying to solve a complex puzzle without all the pieces.

The office rental market is experiencing a puzzling trend: office vacancy rates are soaring, but rents continue to rise.

Everything seems to be in order, which is why I’m puzzled.

Those numbers you mentioned (ROI, CoCROI) are important, but they're just part of the puzzle.

I have truly realized how realtors play an invaluable piece of this puzzle I am trying to put together. 

We don’t put all of disposable income into it as it represents one piece of the ongoing puzzle.