@Chris Lynch  @Joseph Ball "Acres of Diamonds"

You are lucky (terrible pun intended:) ) that you are very close to the best meeting around, the Black Diamond event in Waltham.  

I have a contractor friend that suggested I use Diamond kitchen and bath. 

Josh, I think there are a decent-sized handful of investors and related professionals (agents, contractors, etc.) here from RI, so I guess that's a "yes".I've been doing real estate in RI for over 10 years now, I am a cash buyer, and while I try to stay away from big words like "successful", from time to time I have taught some beginner sessions at the RI Real Estate Investor Group (rireig.com), which meets once a month in Warwick, usually on the 3rd Thursday.I have no financial connection/benefit from recommending them or another group in southern Mass, Black Diamond REI (blackdiamondrei.com), but if there are successful investors in the RI area I'd bet at least a few of them attend such groups regularly.Yes, whatever your definition of "success" is, it's probably achievable, even in Rhode Island.

You could have a diamond encrusted parking lot, but if it is next door to a gravel parking lot, you are not going to get diamond rent prices.  

With so many Realtors in the single family residence market, having an agent with experience in investing and an eye for a "diamond in the rough" can save you a lot of time as an investor.  

Thanks, Jerry, I won some and lost some and was hit really hard by the crash in 2007 but I figured I might find a diamond in the junk, like I have before . . . still doing a little more research . . . may have to do a drive-by.

Brian Burke Joel Owens Wow awesome advice from both of yall, especially Joel with getting into the specifics of why this particular property is probably not a diamond in the rough.

After all fees and everything netted just over $50k.Everyone told me I was crazy for buying a drug house, but it was a diamond in the rough!

The properties types I am referring to are in high median income areas with mainly national tenants and strong regional tenants.I look for diamond properties at good cap rates.