There are a few properties in the Midwest that manage to generate cash flow, although the appreciation is minimal—this is about the best scenario you can expect.

There's no excuse.I've had renters pick up the keys, then call me 30 minutes later to say the bedrooms are smaller than they expected.

I understand that it's unrealistic to expect anyone to treat your property with the same level of care you would, but the company we hired has been a NIGHTMARE. 

They then missed out on several more years of growth because they got out of the game and waited on the sidelines for things to look better. 2010 to 2012 was the period that cash investors were the players or those with IRA keep in mind investor loans were still basically non existent in those years for all those expect very well to do Investors beginners were not getting investor loans. 

im in Orange County CA and there is a huge market here for room by room rentals here. i've been doing this for quite some time (over a decade now), and it certainly has its pro's and cons. my advice if you go about this is make sure you do proper vetting before moving someone in... not only for financials/ credit-worthiness, but also for temperament and expectations in a co-living space. we ask a lot of questions like "how do you handle conflict?"

I have not familiarity with any of those markets, have just saw a tone of videos about Baltimore and seems like they numbers work out and I have seen prices incredibly low for a home to rehab and remodeled house higher than I would expect.

Stay positive and expect problems.

A more realistic expectation is 24 hours which will ensure we can arrange any repairs or corrections with a team, handle it in person, etc. be curious how this plays out as I worked for local developer for a while and developed several properties in Alexandria (Specifically old town) and while the city is challenging like any city - they were mostly realistic.

Was the process smooth, and did the property meet your expectations?

Once repositioned the expected CF could be approximately $30K/month, less the debt owed for getting into the deal.