I'll get right to the point; here are the numbers (calculated without P&I):Purchase Price-           $5,000,000Monthly Income-        $49,800Monthly Expenses-     $21,800 Monthly Cashflow-      $28,000Annual NOI-        $336,312*This is just an extremely condensed format of a 4 page income statement.

Never had a vacant house stripped but have had some Ac condensing units go missing

Long story, but I'll try to condense it as much as possible!  

If you ever have a vacancy you would need to remove water tank, furnace, condenser and board up property. 

My condensation of the prior discussions would be that you have to get out and look at as many houses as you can in the area, get as much data as you can, and develop a feel for values.There are multiple ways to fund rehabs.

Next time they come out have them do a leak repair before they add freon.It's an EPA violation to continue adding freon when you know there is a leak.Finally, the compressor may overheat on hot days due to clogged condense coils.

Is the HVAC just been serviced but 20 years old.. is there a new condenser...

And, if they want a window A/C they must call me to have it installed otherwise they won't put the right pitch on it and the condensation runs back in the house and damages the flooring.My nicer rentals get central A/C since it's typically already there when I bought the place.

No condenser units being stolen or needing to be caged ( think Memphis) A nice little 4 plex in Bend could be a very good play right now IF you can find one.  

Look to history to see where working-class populations condensed into cities with strong working class industry during industrialization (late 1800s to early 1900s).