Also, don't invest in buy and holds for appreciation, see that as a bonus only.

But don't just buy on appreciation, that is just a bonus. 

@Becca Summers That's some great advice about the bonus!  

Free beer and crawfish was an added bonus too!

Bonus if they have a military discount.

With good small apartment complexes you can hire a good management company and offer them a bonus for leasing out units.  

I would also recommend driving the area at night as what can seem like a not so bad street transforms after dark as the partying picks up and the students get  routey.  

I know that area is under transformation.

In the end, the value of the deal comes down to a minimum, specific, monetary return, within a specific period of time.Here's an example:  I want all my cash back at refi on a rental$100,000              ARV in specific area based on Sales Comps$  80,000              75% ARV for refinancing$  75,000              Cost to buy/rehab$    5,000              Cash Out at Refi (bonus, bonus, bonus...)Here's another example: I want all my cash back at by the end of the first year on a rental$100,000                 ARV in specific area based on Sales Comps$ 80,000                  75% ARV for refinancing$ 85,000                  Cost to buy/rehab$      500/mo.           

Having bonuses for contractors that get work done ahead of schedule, and bonuses when inspections come back without issues.