I plan to turn a run-down house no one wants into a beautiful and desirable property that other women will fight over.

Adjusted for inflation, the prices of homes in a desirable location appreciate more than average wages. 

We use Yardi for our accounting, which leaves much to be desired at times, but we have spent a lot of time working on our financials to get them to look the way we want.

And most regret it.I'll make the opposite case: it is VERY hard to screw up when buying i.e. a duplex in good condition in a desirable neighborhood and either self-manages or hire a quality PM to manage.To any new investor who is reading this: In real estate cost and risk have an inverse relationship.

And personally I put way more weight on buying the right location as a buy and hold investor than saving some dollars on the front end. 

While the property's location was desirable, it was evident that the house had been neglected for several years.

Keep moving the goal posts back until the desired outcome is achieved. 

Expensive markets are often desirable because many people want to live there, driving up demand and prices.Reno, NV, for instance, is a market that benefits from diversified employment sectors, including tech manufacturing, hospitality, and recreation.

@Jake AndronicoAs desirable areas near city centers become more expensive and densely populated, there will be a resurgence of suburbs located approximately 10-30 miles outside major cities.

While the property's location was desirable, it was evident that the house had been neglected for several years.