Thanks for sharing. I suppose I'll need to be frequenting the Landlording thread more often now as we just recently went into contract on a small 2 bedroom 1.5 bath as a rental. It practically fell into our lap as a friend had been transferred to a new city a while back and their renter of several years got married and moved out so they were just looking to get rid of it quickly (they had it paid off already and had been renting it for many years).
Sale price of 65k, the appraisal will be completed this week but I expect it to be in the mid 80s based on comparable houses in the same neighborhood. Fetches $800/month in rent in a good location, good school district, close to downtown. We hope to have it pay itself off in ~8 years time.
Even if it takes the full term of the mortgage, I feel pretty good about a $15,500 initial investment (20% down plus closing costs) turning into $85k equity and monthly payments of $800 in 15 years.