Sounds like your spot is in a great location.Focus is key, but you can only focus once you know what you're after.If you're seeking to maximize cashflow, you'll be targeting different areas than if you're seeking long-term appreciation, which can be a risky proposition depending on the location and current cashflow.For example, on paper, returns in riskier markets will appear higher from a cashflow standpoint (think  rougher sections of Newark, East Orange, etc.).

If you don't have a mentor, and don't know what you are doing, this is not an easy proposition.  

If I list below market value, I will get an offer substantially less than even my already low list price.Regardless of your marketing strategy, in many markets including my own, you need a value proposition.

I'm assuming a ten-year minimum buy-and-hold strategy; I'd like a place near my mother while she's still living, as well as the rest of my southern family, so this is not strictly an ROI proposition.

How do you proposition this to the owners and what types of terms are usually agreed upon. 

What is your value proposition?

There is nothing to be had for me in Australia that would make a viable proposition.

To share the listing with a buyers rep that did very little to earn the commission doesn't seem like a great proposition, especially when you combine that with #1 above. 

Investors seek specialists who can explain their unique proposition and demonstrate its effectiveness.

When I initially raised that concern with my broker and realtor they were pushing the proposition that I was buying an asset with no money out of pocket.