Quote from @Sean Barnebey: This is an interesting opportunity, and it sounds like you’re approaching it wisely by considering the numbers carefully.

This is why I prefer the cash-for-keys approach.

To hit $1mm net equity in 5 years you have to approach from mainly an appreciation approach.  

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

During the entirety of 2021, I hosted monthly meetups in Fairview Heights, IL (just outsde of Belleville) that brought in real estate investors from the metro east.

My question is, what's the best approach on getting this going.

@Kash Tacke I'm a big fan of ADU's in general especially here in the mid west, yes you could potentially be on the front of the wave, but housing density is the solution to the affordability issue, anytime you are investing with affordability in mind is a great strategy to me, and sound like there are some incentives or at least supporting winds form the local city, that in itself seems like it would be worth at least approaching an architect or contractor to bid up some plans or concepts to take tot he city.  

I’m not looking for a completely passive approach, even though I’d be managing it from outside the country.

Specifically here, I've considered a few of the things that you both brought up, but the word "average" has a very specific meaning...

Here is what I would do:I would still close on the property but send a letter to the sellers broker and the seller along the lines of below (note I would have an attorney write it and send it):It has been brought to our attention there was a $15,000 insurance claim on the property.