I just closed on my 2nd in TN...we continue looking for a mid-size in a good appreciating market for the next one.I'm sure that adding the 3rd unit made a bug difference in your value add proposition.

Pricing has jumped the shark and unless you’re investing in areas that ski 9/12 months of the year you’re already in a losing proposition counting on only ski rental, particularly when you, yourself, may be competing for those rental dollars!

But in this scenario, there's a lot of crossover between flipping and holding among investors so your marketing and client profile might look similar.That being said, as @J Scott suggests, if there is a value proposition there, it makes no difference what the physical condition of the house is.  

Knowing that it needs repais and updates.My value proposition would be basically that the bank would have a note for $X versus a deteriorating property with no active management.I want a loan based on the property's cash flow, and am willing to do a personal guaranty.

But it doesn't have to be an all or nothing proposition.

You nailed the value proposition of JWB and Jacksonville as a market. 

His signature proposition is: "The deal of a decade comes along every week."

If you are trying to do this, especially out of state with no roots in the town you are investing in it can be a risky proposition.

All sorts of propositions considered. 

The rest don't really have a unique value proposition as far as I can tell.So traits that are most important?