I would also suggest finding local supply stores to find out where you can buy tile, kitchen cabinets, bathroom vanitys and sinks.

My concerns would include 1) crime, 2) proximity of other buildings you don't control, 3) (local) apartment supply analysis, 4) scope of capital requirements, 5) rehab grants/funding, if any, available 6) loss run report @Patrick Madigan I am in the Fuquay area for about a week and would take you up on visiting the property if this Friday or Monday next week....

Interesting, compared to this - "The National Association of Realtors estimates that the country’s supply of for-sale and rental units combined is 3 million units short of current demand."

Yes they are old and many need substantial work, but you have a major advantage over people living in more expensive areas of the country, not to mention a great supply of small multifamily homes.

South Coast Supply in Los Alamitos sells material for block fencing and can give very good/ reliable contractor references for the install.

Good contractors can be hard to find.Here is my advice.I have had great luck finding them at our local real estate investor meet up group.I agree building supply centres can also be a good source.In my experience it is easier to find people to do a big job, rather than small ones.What I have done is formed relationships, where I give them a good big contract and in return they do the small stuff for me.I also have a couple of handyman type people on my team.They are usually doing repairs on the side, often for cash under the table.I only trust the small guys with minor stuff, maybe laying a floor, or replacing a toilet.The key is to build a solid team, do not nickel and dime them, pay them as soon as the work is done.Build a win win situation.

I'm wondering if higher owner occupancy rates means that there is little demand for rentals in the area or if it means that there is a low supply of rentals in the area.

I did just check my records and in the last 5 years we spent just over $6k for various repairs and supplies.

If there are thousands of brand new, rental units down the street, will supply outpace demand? 

Essentially, the landlord can ask for anything they want subject to supply/demand, and you can negotiate.This is because public policies have a general obligation to make sure people can get and afford housing, it's not the same with businesses.