I don’t have the appetite to mess with multiple renters / driving around town, etc. 

This is ultimately where I wanted to be but my steps to get here were slow and methodical so I didn't take on too much risk and not understand the intricacies of the product that buyers are looking for.It really depends on your goals, what type of investment you want to get into and your appetite for risk.  

Having a local banker that trusts you and has an appetite for commercial real estate can pay off in a big way if you're willing to go with a full recourse loan.

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.