After you turn that lump of coal into a diamond, is it easier to sell than the one down the street which has not been remodeled for the past 30 years? 

I'd also recommend attending local RE investor groups such as RIREIG in Warwick and Black Diamond REI in southern Mass to learn some of the issues landlords deal with as well as to build up connections with contractors and other investors who may also just be starting out (or have a property or two under their belt and might be willing to help you get to that point).House hacking is a fancy term for buying a multi-family property (usually 2-4 units), living in one of the units and renting the other ones out.As such, it's basically just buying a small multi-family property.

@Robert Diamond Welcome to BiggerPockets!

From what I'm seeing, Double Diamond, Midtown and Sparks (certain areas) are hot right now.

I would have to respectfully disagree with @Robert Diamond .

The key is keep flipping those rocks over until you find the diamond in the rough!

There’s already one in the area run by Black Diamond REI, they have meetings bi monthly. 

I am really trying to learn more about valuation of the property so that I can find that diamond in the rough.

Diamond plate or similar?

I doubt anyone would pay $500K for anything rural without huge land or a diamond mine.