If the deal still works at the worst rate possible, it's a green light. 

So happy to hear you found what lights you up!

There are a ton of considerations for this option that are beyond the scope of a simple online post, but I will say tread lightly and really think about this option. 

Example, new light fixtures and new sink faucets, vanities, and toilets.

Make sure if you see anything that is a tenant repair (light bulbs, holes in back of door knobs, light or outlet covers missing, missing shelving in refrigerators, etc,) you send a written letter to the tenant and also the section 8 case manager detailing what the tenant is responsible to do within 30 days of compliance.  

I noticed that my titanium wedding band left a line on the apron front of one sink with only a light brush across the surface.

Open window coverings and turn on lights to give the place a lot of light. 2.

Moon,  moon light and lakes on the mountain always mesmerize me.

The cheaper one for argument sake would be more rural so a lower rental price for longer commutes.Insurance I agree would be less on the $1200 house.Taxes could be a wash or even higher for the rural one depending on the town, schools, and businesses, but generally I think you're right on that one.Capex would be identical due to identical finishes and identical tenants unless if you have cheaper labor in the rural area.Property management could be less if it's based on rent, but with the location being more rural, the prop management company might charge more.

Fix leaks by outer walls and ceiling, reseal, replace insulation, Sheetrock, paint, lighting, maybe add bedrooms)  Could be a another whole suit possibly.I got tired but that should give the idea of what is going on with this home.I 1000% appreciate opinions on this home.