ME & NH depressed area buy & hold Lewiston, Claremont etc.

[Thomas Hickey]

Hi All, Doing some research into buy & hold in old mill towns like Lewiston/ Auburn ME, Claremont NH etc. and have a few questions. Assuming this is a 10-20 unit property - what cap rate do you need to make work? - property management yes or no? - Code enforcement seems to be huge in these areas, many building I read about in Lewiston actually being torn down due to lead paint. Is code enforcement really a huge problem in economically depressed areas? - who pays you? HUD/ local section 8 or are tenants able to qualify & pay - average vacancy rate & average time to fill apartment Sorry for the laundry list, hopefully someone experienced in these and other D areas can enlighten me.