I generally rule out most single family homes as viable rentals, as prices are pretty high relative to rents, so aside from some downtown neighborhoods, typically you do not find large areas of single family rental neighborhoods (a median sale price on a 3 bed, 2 bath home so far this year in Dane County on MLS sales data is at $430k). 

Crime in the area is not the best but it is close to Humbolt Park downtown, Garfield Park Conservatory, the 606, etc.

Here’s why:Affordability: You can find solid properties here well within your $200k–$300k budget.Cash Flow Potential: Indianapolis has a growing population, a diverse economy, and relatively low property taxes compared to some other midwestern markets like Cleveland.Investor-Friendly: Indy is landlord-friendly with strong rental demand, especially in neighborhoods near downtown, universities, and revitalized areas like Fountain Square or Irvington.If you’re open to a strategy involving light renovations, there are plenty of opportunities to add equity and boost rental income here.

How far from downtown?  

That is a great location close to downtown, Riverside, Botanica, Cowtown, and The Keeper of the Plains.

Nice neighborhood just north of downtown Keene.

One is fourplex near downtown of Union city new jersey and the other a duplex in jersey city heights neighborhood.

First off- $4.5M for 48 units and 50% are vacant is not a steal, unless this property is located in a downtown area and you have a contact with a developer who will pay 2X to build a high rise. $93k/unit for 50% vacancy doesn't carry hardly any debt, hence why they are capping you at $500k.

A downtown commercial building for $525k that could be your new office. 

But in my case it was an older downtown neighborhood in Prescott AZ, that had been run down pretty bad and was just starting to swing back.