Buy & hold in higher-crime neighborhoods

[Jordan Grimstad]

Does anyone here have experience with buy & hold rental properties in higher-crime neighborhoods with depressed property values? In particular, I'm curious to know if there's a particular set of circumstances or mitigation strategies that could make the increased risks (vacancy, credit, property crime/damage, etc.) worth it. 

Thinking about my local market, the local real estate & job markets are quite strong, crime rates are fairly low, but parts of the city (just like any other city) have higher crime and depressed property values. Assuming that property values in these parts of the city never hit $0 (i.e. it never becomes a Superfund site), what kind of cap rates would one need to see to consider investing in these areas?