Also, I've been listening to a lot of BP podcasts and I hear "A,B,C" class rating for multifamily investments.  

Found a non-mls home, Single family, good neighborhood, maybe a B.  

Mentions he lost another $800.00 on the wasted auction and has a 45 day hold from the auction company on the property.Now this guy is laid off from work and off the property, but seemed very interested in a cash offer below market value instead of listing with an agent.Neighborhood would be at least a B with most of the houses higher in value in the immediate area.This would be more of a whole-tail  as it is just personalized with paint and some decor, limited rehab.How can I verify my numbers with this guy before my 45 days are up?

Louis and looking to mainly buy Single Family & Duplex type rental properties in 'A', 'B', and maybe 'C' areas of St.

The property is in a B area, with C schools, its 3 bed 1.5 bath, 1200 sqft, 2 story, garage, no basement, it is in need of some moderate rehab (exterior wood repair, garage door, flooring, paint, bathroom tile, roof sooner than later, etc)If I were to buy at 76k that drops my ROI by about 4% a year.  

Do you consider it a B property of a C property?

It was a B neighborhood and a 4 bd 2 ba.

Being you are in AB, are you closer to Neptune Beach or closer to Mayport?

Like you said, there is a ton of competition for A/B class properties in good areas that are a decent price. 

$70k will get you a little 60 year old house outside the city, definitely not in a B class neighborhood, Atlanta is too expensive for that