You can pick them up, in rentable condition (or close to it), in okay/decent neighborhoods for $80K-$150K and they will rent for $1400-$2000/month total (many are Section 8, but those are market rates also).More in demand A/B neighborhoods will run the gambut from $200K-$400K, and will rent for $2000-$4000/month total.Rough numbers, of course, but that is about the gist.  

As someone said, inspect and then demand a non-refundable pet deposit.

He can later claim that he did not receive this money from you and demand a second payment - either because he is a crook or because he got drunk/high on your money and forgot he got paid (ask me how I know).

I have to assume there's some kind of increase in demand as the city becomes more and more hip.

You do need to understand lease options, disguised installment sales, etc.Thin deals you can make money on the option fee and assign the deal, or buy on sub2 and lease option out.The house better be perfect in maintenance and PITI payments better be close to market rent, and in demand as far as location and floor plan and condition.PM me if you need help.And keep religion seperate from business.

There will be great rental demand, a strong market for lease purchase or for retail buyers.

If you're getting a continuous stream of vendors who are appalled at your audacity to 1099 them or demand a w-9 before cutting a check you are probably telegraphing (probably intentionally) this type of winky winky give me your cheapest under the table job pricing.

They have a very high IRR, and would demand a premium to sell.   

Usually, if a washer is priced at $1.50 a load, then a hot water wash could be $1.75.Pro Tip: With that in mind, machines can be programmed to help smooth out demand as well.

It won't take long before you are the expert in your market.You will soon be able to compress all the data: valuation the location, size, property features and market demand as well as other local comparisons pretty quickly with each new tenancy.