But potential to command high rents, as well as appreciation depend critically (as you know) on location within Madison. 

Along with another big point is PM the lower value asset class's are High touch and PM is critical and as most PM companies grow they soon learn that these types of properties are not profitable for them to manage because of the extra work involved so I see the better PM's moving up in asset class's and leaving these types of homes behind...Its not that you can't get lucky and I am sure locals in Memphis think this is nuts but they also source there deals so what they get for 50k may not be what someone from CA can get the same home for in the same condition.My real experience came when I learned  as a lender in possession of a multitude of Memphis properties ...

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Having reserves is critical to long term success.

When everything has reached a critical mass phase on new development across all sectors of real estate then a downturn is imminent.We are not close to that happening in this current cycle from what I am seeing.

If they're not critical or what you'd considered deal breakers, I wouldn't make a big deal of it.

This system will work until I get to full capacity with managing the properties, but I'd like to initially do this until I reach critical mass, and as a way of gaining additional equity in a transaction.  

You may want to have someone with access to the MLS pull comps and get you an actual somwhat reliable value estimate than make critical investment decisions based on what zillow says.

There are a few property management companies in the area; I'll check their listings.If I'm actually setting my rents at the area average for this size of unit, then I can let the criticisms roll off my back.

I just want to always be honing my method of calculating numbers because that is the hardest, most subjective and most critical part of the deal.Any advice would be appreciated.