I'd underwrite the deal as any other - make sure you are conformable with the quality & tenant base. 

It has been best to anticipate wildly different ARVs based on not only the property details, but also the quality of the finishes that are used.

Or we gradually perform high-quality updates for a live-in flip, then roll the equity into a new home.Regarding rental income, we aim to boost income, lower our effective tax rate by generating more low tax-drag income with rental income (since there’s not much we can do to lower out W2 tax bills) and have retirement cash flow.To compare the financial impact over 10-20 years, we want to analyze renting versus flipping.

Quote from @Joseph Sakic: Choose your hard.Do your research to find a quality PM.

@Nicholas A. your shotgun approach has a high probability of getting the exact quality you put into it.95%+ of real estate agent, many of them posting they are "investor-friendly", only know how to deal with owner-occupied transactions. 

Below is some copy & paste info about our methodology:----------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I tell people all the time: if you can't find a quality PM in a market, don't invest in that market!

Just started our own firm investing in and managing property in our relatively new (~5 years now) home in Charleston, SC.Happy to be a resource to anyone and look forward to making quality local connections!

Some people will say, "Take out a quality Insurance Policy and you will be protected."

I have previously had air quality testing done, and I have never received complaints from other guests.The family decided to move out after just six days.