If it discharges 5 foot from the building and there is a low spot running back to the building, then it is going down hill back to the building.

Here's a fundamental explanation to get your juices flowing:Assume a house costs $200,000 and rents for $1,500.

There was positive population growth, medium home price growth, low unemployment, good rent to home ratios, and low crime, all of which are factors when I start looking into an area to invest in.  

You can expect turnover costs, losses due to vacancies, and other expenses.

The current rents are really low because the tenants are responsible for doing any and all repairs on their buildings (which in my opinion contributes to the poor condition of the buildings). 

Your estimate seems low, but even at that cost, it will not add that value.  

With a low 4.75% rate but minimal cash flow ($50–$125/month), your equity could likely work harder elsewhere.

@David F.As Russell mentioned co-ops are probably 1/2 the price of a condo and you would also have extensive costs to set up a co-op and typically it’s my understanding the builder funds the first 1-2 years of reserves.

Yeah Uncle Sammy said it's now T-town and that a dog-scat deal so to kick-rocks. 

What they will offer you is an appliance package, or closing cost help, or a low fixed rate loan.