Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

In my experience, tenants who are paying $300 in rent tend to react more negatively to these things and I've had issues with getting them to leave peacefully, but very broad strokes. 

Some helpful responses with the positives and negatives above. 

And if for reason you don't have enough equity to refi and pay it off, or something negatively happens with rates, then you could be in a tight spot. 

Significantly negative soft cash flow.

Get as much understanding and disclosure as possible on the closing fees and escrows that will show up on the settlement statement - including stuff like prepaid interest ("stub interest"), tand and insurance escrow holdbacks, etc - biggest pitfalls we've seen are people not 1000% clear and aware of these things then getting very negatively surprised at the day of signing 

Rent control can have significant implications for real estate investors, both positive and negative, depending on the specifics of the rent control laws and the investor's strategy.

Unless you're highly cash-flow negative, I think you're doing much better than you're feeling. 

Right now there is no sign of flooding or anything, but just wondering if that is a positive thing or negative thing to the property?

I must be because that is crazy negative cash flow.