We had briefly considered trying to see if the home could be repaired and have mold remediation to rent it out, but the neighborhood has gone down in quality over the years and we are hesitant to have responsibility over upkeep of the home.

If you're looking for minimal upkeep and minimal reno - I'd probably avoid the central downtown area as you will need to make a heavy investment in those properties to get to that kind of cash flow or the high return you're looking for right away.Best of luck to you!!

If someone gave you several months upfront, that's an immediate weight lifted off your shoulders.

I likely will also add weight the amount of reserves potential tenants have.

The landlord knows all this & chose to throw down some cheap carpet over floors so rotted they don't hold weight.

Overdue exterior upkeep?

Lifting Weights, Playing Basketball, Arts & Crafts With My Son4) What do you think sets apart successful investors from those who give up, fail, or never even get started?

I never got the hype on Class C for the higher upkeep and transient tenant base. 10% cash on cash returns on a Class C just aren't worth it.

Look at it as a weighted average cost of capital approach. 

If the road is not city managed, does the city have the ability to increases taxes if they are not responsible for the reconstruction and subsequent upkeep?