It’s above average condition in a good location.

Hi Nick I'm also located in California and interested in OOS investing in the midwest.

After living in the property for a full year, we have come to terms and accepted that this is not our ideal location.

Property Valuation:Investors look at a variety of factors to determine a property’s value, including comparable sales (comps), rental income potential, and location.

You said "your neck of the woods", where are you located?

The properties are well located in Denver with value add potential and all rents are currently well below market. 

A property could be cheap but be located in a low performing market.

If the property is in a location that would justify these standards, then wait. 

If it were me, I'd be looking for something in that location to offset the negative impact of the casino. 

Section 8 rentals are frequently located in extremely low barrier of entry markets, especially the single-family homes and small multi-family properties which I assume has also led to an influx of inventory.