After 8 years or so, you've got three or four properties and the world opens up to you at that point. 

Quote from @Neal Schadler: I have several properties in Cleveland and the surrounding areas.

We are a boutique firm in Chattanooga and every agent in our firm is personally involved in either real estate development, owns investment properties or flips homes. 

I mean one of these posters was told their "turnkey" property had dangerous sidewalk conditions questioning how "turnkey" the property was and their response was the tenant's don't care about the sidewalks.

He lives across the street from 2 of my properties in FL.

Why not save more money and look at higher value properties?

I am a fellow investor also looking for my first property but I also have a contracting and property management company.

Is he just wanting to dump the property or trying to maximize profits. 

The whole house needs to be remodeled due to lots of wear and tear and being outdatedI am planning to use a HELOC on my current property for mostly all the repairs.

Your ability to turn around a property with an 11% cap rate is a pretty strong selling point.