If the tenants have been there that long with suppressed rents, chances are the units need work.Some tenants may leave on their own.

There are a lot of people on here that don’t have an appetite or respect it, but everyday property management firms fall into the same scenario.

LoanDownpayment 0%, SBA 10%, 25% collateral, 40% collateral, VA, FHA,Source of funds: SBA, Credit union, Bank, VA/FHA, Farm Credit, Credit Union, Hard Money.Deal SizeRealtorsLawyersSurveysTitle company or Title insuranceUtilities: Electric Plumbing Sewer Storm Ponds Storm Drains Water Fire Hydrants Fire suppression Fire extinguishersParkingDrivewaysZoning SetbacksHOACovenantsRoofGuttersSidingDoors/WindowsHVACPlumbingFlooringFoundationSidewalksDrivewayLandscapingLegal entity IndividualLLC Corporation S Corp PartnershipInsuranceProperty TaxesOnce you have this added to your spreadsheet, move around as needed.

You'll find out really quick whether or not anybody in town has an appetite working with a young first time house flipper.

It boils down to what your risk appetite is.

Is there a large pool of  competitor vanity homes sitting un-rented for $7,000 a month competing for that same renter pool.What is your appetite for risk right now: "Faint heart never won fair lady" or "pass on this".

All depends on your appetite and level of comfort with living in different types of neighborhoods. 

At the risk of self-promotion, I am an active syndicator I take a consulting approach with all of my investors, I don't believe there is one BEST investment or type of investment every investor has their own risk tolerance and appetite I find the right deal for them.  

However, the suburbs don't have much new inventory so they still have price pressure.THink the main thing will be the nervousness of investors and appetite for risk.

They're not tied to all of the same mechanisms as Fannie/Freddie conventional loans and rely on an appetite from a secondary market of buyers in the vast majority of cases.