In small towns it probably makes more sense to buy SFR than small multi for all the reasons you described.

Being good with your hands doesnt qualify you for the type of management @John Warren is describing though.

Can somebody describe how to conceptualize appreciation in rental properties?

@Jay Hinrichs What you're describing (24 offers on a single property!!)

Inconvenient maybe, I don't dispute that, and maybe the suggestion you're making to everyone will truly help all parties, but it doesn't sound that way by the way you're describing it.

@Naveen KumarWhat you describe is possible in some circumstances, but does come with risk. 

Much of what you describe sounds a lot like where I am at in Eastern Idaho.

What I describe above has been my experience for just about every vacancy in the past 5 years.

@Jim Butterfield doing what you described above might get tricky in a hurry. 

Especially when it goes from mis-managed to well-managed or vice versa.If a property is increasing the NOI, the market’s cap rate is fixed and so the property’s value goes up.So in the situation you describe where NOI is effectively zero but could be a lot higher, you have three choices:1.