However if this is purely investment (is no plans to move in after some time), you need to objectively do the math on your expected return given what you think price appreciation will be over the life of your ownership ( @Leo Kotschenreuther makes an excellent point) , weighting the risk of a downturn and your ability to continue to fund this investment, and compare that to using your 500k +2k/month to fund any other investment (Amazon stock, bonds, passive investment in a syndicated deal elsewhere.... ) We are holding our San Jose MF, but I've stopped looking for my next deal in silicon valley... property here is all priced for perfection (ultra low cap rates, neg cash flow, smells like 06-07!)

You'll also want to ensure you have a good property manager to look after the upkeep of the property if you are not there to notice anything deteriorating or which may need attention.California is a sort of beastly state when it comes to taxes and filings.

Keep in mind that property taxes are high in Grand Rapids (close to 2%), landlords typically pay for water, and repairs and maintenance costs are higher in Grand Rapids than other areas because you're dealing mainly with properties built in the early 1900s that require a lot of upkeep. 

Plus if it was local I feel I would be far more involved than I want to be with repairs and upkeep.

Spend less than you make and as your income goes up keep the same habits and lifestyle.

They have fallen into disrepair, and the town has condemned many of them, and may be able to take possession of them, but it will cost the town more than what the buildings are worth just for the upkeep, tear them down, and in some cases they are connected to a renovated space.  

Unless the chimney is so crummy that it can't hold it's own weight anymore, you don't have to rebuild it.

I know that good financial people are worth their weight in gold, so I am not afraid of paying someone. 

. $20 or less for an online credit report is worth it's weight, and more, in gold.

Maybe they'll spend some money on the lighting and sidewalks and the road nearby, but don't give it too much weight.