Though the city needs a lot of work in terms of crime and school, there aren't too many small/mid size cities with the arts, food, nightlife, access to suburbs, lakes, wine region, etc. that Rochester has while having extremely low taxes. 

I do admit your entry point finance wise would be a significant challenge but there are virtually zero markets that have a better ROI than San Diego for buy and hold purchasers. 

I say “Yep”.When the bank came back with the increase in EMD from $500 to $2500, I asked my agent if that was because they wanted to increase the likelihood that I would not walk.She said that she believed that was the case.So, I believe at this point, ensuring I close is more important than the sales price.Plus I already stated that $17,500 was best and final.So, I countered back at $17,500 with $2500 EMD.It was accepted.My lender couldn’t believe it.After closing, the bank and I discussed financing options.Since it ended up being all my cash for the purchase, we decided on a construction to permanent loan.We got an appraisal value for its as-is condition and it’s ARV.When analyzing the property, I tried to be conservative and used a $120,000 ARV.As-is condition came back at $60,000, and ARV came back at $145,000.Comps were had to come by, as this is a small, rural town and there hadn’t been many homes sold recently.The bank would ultimately lend me up to 75% of the ARV, or $101,000 in 4 draws.The loan would be interest only during the renovation, and convert to a mortgage when completed.The loan is 10 year fixed at 6.25% with a 25 year amortization.Projected costs: Electrical work--$5,300Renovations--$64,000Zoning Hearing for approval for conversion--$1,500Insurance, permits, property taxes, and other holding costs--$2000Total Budget--$73,800Renovation took just under 3 months, with virtually no surprises.The electrician came in at budget, and the renovations had $4,000 in overages.With the purchase price, loan costs, and renovations, I am right at $101,000.I also believe that if I chose to get a new appraisal, it would come in much higher, as since the first one, a few houses in the area have sold and would support a higher value.So here’s a quick run-down on the numbers:All-in price:$101,000Value:$145,000Income:$850/month x 2=$1700Monthly Expenses: Maintenance 10%:$170Capex 10%:$170Vacancy 5%:85Electric:$20Trash:$55Insurance:$100Property Taxes:$185.33Mortgage:$666.27Total:$1451.60Monthly Cashflow--$248.40Money in the deal—ZERO DOLLARSYes, I know that I did not account for property management in my numbers.The reason is that there is industry moving into the area, and higher paying jobs as well.I believe that rents will increase and support property management down the road, if I choose.If that doesn’t happen, well then I’m stuck managing forever or selling it at some point, but it is a risk I am willing to take at this point.Is this deal a home run?

There's an art to it, but a good finisher can almost blend those stains away - but you will have to have a dark floor. 

Since this generalization paints every property with a broad brush is it virtually impossible to get a true pic and valuation.  

Virtually every buy n hold investor in San Diego that was able to not sell in the down cycle has had a great ROI no matter when they purchased the RE. 

Check out the meetups on Meetup.com for a great place to meet and network with more people in the RE world from Sacramento (if you haven't already).Also, way to go on your photography skills, it's definitely an art to do well!

Of course, being near Nashville is great for people who love a city with a unique identity, innovation and entrepreneurship, culture, music, food, art, nature, etc, etc.It's more challenging to find good deals in the city now, as it has been a really hot market, but there are still deals to be found a little farther out.Congrats on taking bold steps to improve your life!

As a result a portion of my earnings are through passive income by implementing the use of Virtual Assistants.

As of today I do virtual wholesaling and investing in 9 different cities across the USA.