An older property with low interest rate and into cap-x can easily do much more poorly than a newer unit with double or even triple the interest rate but limited or no cap-x. 

We have purposefully stayed away from Beloit... there are some decent properties there, but we found that there are not enough quality tenants to occupy the homes.

I have seen many of these builds have crumbling foundations from poor demolition efforts. 

The investments will vary drastically in price based on the neighborhood your looking in & will translate to the quality of tenant. 

See the reason you need to send a huge volume is BECAUSE those marketing channels don't work (work so poorly).

My poor fingers got tired of typing the same thing over and over, so I put my tips and tricks in a blog post.

To avoid going through the same poor experience, keep reading.Even if someone give you a referral, don’t make the mistake of assuming that PMC will meet your expectations, just because they met the expectations of the referral source.We also can’t believe how many owners hire the first PMC they speak with!

One of them has a great application, and the other has a poor application.

@D Kirk, I am all for saving money when you can get comparable quality work done for cheaper.  

But the question is whether one can actually achieve the proforma cash flow on older properties with a less economically stable tenant base.Based on your picture, you appears fairly young.My advice is buy properties in quality locations think long term 10 to 15 years - slowly and safely build your portfolio - equity and cash flow will increase over time and in 10 to 15 years you may become financially free.People talk cash flow is king but one can NOT generate financial freedom cash flow with $250,000 or $500,000 invested (equity).Even at a 10% cash on cash return, one needs $1.2M invested to generate $120K a year $10K a month.You want property to be self supporting so it needs to cash flow but once that is reached the focus in my opinion should equity growth which increases net worth.