You'll need to see the below market rents when others overlook it, find the spots near those have to live areas that everyone skips because it blends in with the bad areas.And you'll need a lot of cash to buy the properties and rehab them then pull money out with delayed financing...

(at a 50% LTV, I have 50% of my precious capital earning about 4.5% APR of what a mortgage would be) and half making the 17% IRR like yours.....I get a blended average of about 11%.

It was such a seamless process renting this way,  As I of course had reservations since I had never rented from someone whom I had never actually Met before...

Of course, it's not their fault that the contractor was going through a rough time, but a good property manager will have a network of people to manage these situations to keep everything seamless to the owner. 

Put a new roof and a seamless gutter on it as well as overhauled the landscaping.

What you need is the market cap rate - it's the blended (average, if you will) cap rate at which buildings that are comparable to your building have been recently transacted (i.e. changed hands) in the local market.

Having an old rental with a lot of kids will crack walls so will extreme temperature changes .it can look good and blend out well if you have the skill and patience .

Again, I'm so sorry to hear you had to go through that process with this past tenant, but now that it is vacant definitely are some landlord software options that make this process easy and seamless for you. 

Looking for a good recommendation for a seamless gutter company that serves the Pittsburgh area.

@Marc Winter Idk Marc you tell me, I'm from California, just trying to blend in on a Tusa forum ;)Thanks for your response though.