The real estate investing industry uses "Classes" to rank property performance risk, but there's NO agreed upon industry model:(Here's what we use for our Metro Detroit market: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?

Maybe start with a part-time ops manager or a reliable lead cleaner to free up your time while keeping quality high.

Quote from @Brandon Bell: I've owned a property for four years with a standard fixed-rate mortgage, and now I'm looking to convert it into a rental.

@Daniel GrantzRecommend 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?

Only redeeming quality is location, layout, size of rooms, and vaulted ceilings.

For list prices, what is the standard? 

Any estimates on price per square foot for standard 3 flat, no basement and basic finishes -3 beds 2 baths?

Cheaper than Data Tree and has the highest quality data.

As long as you're willing to make sure you have good, quality properties, Section 8 can be a good way to go!

The numbers may look good on paper, but the reality is very different-lower quality tenants, higher turnover, more problems and less money than you'd expect as a result.