So if you are buying a property the traditional way, using an agent, you won't usually get answers when it comes to the condition.

Not all do, and there's potential those carriers won't accept the risk for a myriad of other underwriting reasons, too- age, current condition, etc.

As a side note, most of the properties I have been targeting were Neighborhood grade C which are quite old and one of my concerns is that I may need to spend a lot of money on repairs and maintenance.I feel that I would need to wait a little bit more and maybe save more for my down payment and try to target Neighborhoods grade B.I’m trying to do an FHA loan and buy a house in my local market but even when I’m targeting properties between < 600,000 (which would be a 2Bed, 2 Ba in a good condition), my monthly payment would be around 5,000 which is impossible to pay for me.So, it has not been easy and it won’t be but I’ll keep looking until I find one property that meets my requirements and helps me to achieve my goals.

Seeing lots of inconsistencies in unit conditions/rents over here.

If you won’t hire a PM I’d send something like: You’ve been a great tenant but because of market conditions the rent will be increasing to $x at the end of your current lease.

Make sure you have smoke and CO detectors in appropriate places, GFCI outlets near water, functioning mechanicals, make sure everything is in good condition and you shouldn't have a problem.

Or if you have an investor friendly agent they can help identify properties that are in very good condition and link you to a property management company.

COLLUDE With Judges like KAREN PHIPPS to case FIX court case outcomes so the public doesn't know their fraud scams that include insurance faked claims with frivolous incident dates of known pre existing conditions putting tenants lives at risk SEE CASE COLUMBUS OHIO FRANKLIN COUNTY COURT OF COMMON PLEAS 22CV003620 AND OHIO SUPREME COURT WRITS : 2024 1311,1314,1315,1319,1320,1339,1360,1362,1378,1400,1420,1448,1471,1474,1502,1588,1601See FRANKLIN COUNTY MUNICIPAL COURT cases 2021 EVH 060439 AND 2021 CVG 020711 FAKE AND UNLAWFUL LANDLORD RETALIATION EVICTION BY ALL COUNTY NEO'S  ATTY WHO IS THEIR CLIENT🙄THEY ARE ALL CORRUPT and fraudingI would be careful about labeling an attorney as a fraud on a public forum.

How would you approach this given the market condition?

I am not familiar with Horn Lake and the economic conditions you mentioned as a CON, but if you already have those concerns, on top of a large rehab, which typically don't shrink as you get started, and being OOS and needing a PM team, you may want to consider other options as you get started.