Here's a PARTIAL list:Office rentComputers, printers & softwareInternet & phone billOffice furnitureOffice supplies: paper, postage, ink, etc.Office liability insuranceAuto expenses: monthly payment, insurance, gas, maintenance, registration/plate feesBroker license fees: annual, monthly board & MLS fees, continuing education fees, E&O insuranceEquipment: lockboxes, signs, etc.Payroll & payroll taxesBusiness income tax preparation and paymentsLabor: answering phones, calling past due tenants, scheduling tours, taking marketing pics, processing those pics, writing ads, researching rent amounts, posting ads, explaining to owners how rent determined & showing where ad posted, opening & processing mail, posting payments, bank deposits, scanning documents & posting to owner & tenant portals, explaining accounting to owners so they understand their monthly statements, taking pics/videos of repairs, finding reputable handymen and contractors, confirming they're properly licensed & insured and tracking annually, verifying repairs done properly, processing invoices for utility bills, repairs, taxes, city inspections, scheduling periodic property evaluations/inspections with tenants that don't want strangers in their homes, explaining to owners why taking so long, and more & more & more...

Get a sense of the neighborhoods, comprehend the dynamics of the area, and evaluate the general investment climate.Remember that doing your research and having a firm grasp of the local real estate market are essential for successful real estate investment.

@Daniel Stoychev both location and numbers are vital to consider when evaluating a RE investment.

Will keep you posted on my progress.

I know the OP included a map, but I still don't want to assume.That said, just about all of the City of Dayton can be evaluated on street-by-street, block-by-block basis.

Likewise he's even taken time out of his day to see one project while it was in progress and met me to walk through a second property I was in the process of acquiring.

Since no one with direct experience answered yet...I don't have direct experience but saw someone else go through the initial evaluation period.

Realize efficiency and growth by use of technology; form a group that operates together with monitoring this sectors progress over time.

If you have not run your own business beyond real estate before, I strongly recommend that you get in touch with SCORE (Service Corp of Retired Executives) at www.score.org.They are a free resource (part of SBA) that will help you to evaluate the financials of the company you're looking at buying, build a business plan and to understand what you're getting into. 

All properties evaluated by cap rates suffer due to under market rents.