@Ricardo SerranoThere are cap variations from city block to city block.

The most common benefits a landlord can get from an arbitrage agreement are: reduced vacancy expense, decreased maintenance costs (most arbitragers agree to fix any damage done by guests), increased rent (most pay a premium), reduced number of hours managing the property (aka it's more passive)Some less common benefits, but still worth mentioning: Using the property to host their own guests at a lower rate during the "vacation season", Revenue sharing, arbitrage managing landscaping, and other management tasks. 

I think it can be a good starting block if there is cashflow.

There is no charring or damage to structure, just smoke discoloring as far as I can tell. 

But, if repairs come up and they don't have the money to fix them, if they put a bad tenant in that does a lot of damage, or in general, if the neighborhood starts deteriorating, it could turn into a bad investment.These are all things to think about with any real estate investment.

There is small retention pond kind of area next to my property belonging to city which they are not managing ( There are big trees there which are close to my property about 12 feet away which may damage roof if fall towards my property but it never seems happened since 1961 touch wood).

That gives me a nice buffer.The house I would be buying is 3500+ Sq ft just about one block away from a college.

The rapid rise in interest rates have caused somewhat of a mess for multi-family but that damage is likely already in the past (but not played out yet).

Repairing water damage and fixing broken items is the bear minimum for a landlord.

I never take them up on this offer as they are not insured and they could hurt themselves or cause damage to the property or someone else.