Prior to the Section 8 tenant, the home was in "For Sale" condition, due to major work done due to flooding.

It is seemingly still relatively affordable to buy an asset close to a major university at $100k per unit. 

Real estate typically appreciates over time, meaning your property could increase in value even if you don’t make any major improvements.

Greetings from Arizona.I am an agent in the greater Phoenix area, servicing the majority of the valley including Tempe, Scottsdale, Paradise Valley, Mesa, Chandler, Gilbert, Glendale, etc.

The windows, roof, electricals, plumbing systems, and gas lines all need major upgrade to bring the property up to date. 

The other benefit to new construction is that you shouldn't have any major expenses for several years. 

Also zoning, exit strategies, and market value rentals are helpful in knowing since a major part of making sense of the numbers is bringing all the units up to market value rental income.

For the bankruptcy properties, we contacted the trustee phone numbers on the website, however, they usually just replied to ask us to look for debtor's attorney.For short-sales, we searched the listing on zillow.com, but majority of them are off market.We used BP recommended realtor and asked if they can help with the properties we targeted, the realtor searched for a week of the foreclosure ones and get back to me that she believes she will not be the right partner.

Rent growth did help with deals continuing to meet the 1% rule though.Similar to your deal that was just shy of a 1% rule when you bought it, it sounds like you have had many major updates to do to each unit as tenants have moved out to get them to market rents.

Over the past three years, I’ve been using most of the major off-market techniques.One standout method has always been pulling data and feeding it into a call center to generate off-market leads.