The home is located in a very poor rundown neighborhood.

I can lay my eyes and hands on it and unless the neighborhood is going to crap a house is always worth something.  

PMs have some of the best anecdotal data about neighborhoods.

I am shopping for a new custodian and any recommendations would be most welcome.Thanks for listening to my rant.

What neighborhood is it in?  

So, if you fail to apply the correct assumptions to a property, your expectations won’t be met and it may even be a financial disaster.We use the following to rank Property Classes, in order of importance:Property Tenant Pool: closely linked to location, but not always.Property Location: closely linked to tenant pool, but not always.Property Condition & Amenities: it’s important to, “Maintain to the Neighborhood.”Key metrics for each Property Class:Class A Properties:Tenant Pool: Majority of FICO scores 680+, no convictions/evictions in last 7 years.

The right location can turn a deal into a goldmine or leave it gathering dust.Understanding Market ClassesReal estate locations generally fall into four categories:Class A: Affluent areas with high-end properties, often near golf courses.Class B: Middle-class neighborhoods that are safe and stable.Class C: Lower-to-moderate-income areas.Class D: High-crime neighborhoods with significant challenges.Finding the Right Investment MarketStart by mapping potential investment areas within a reasonable distance—ideally within five hours of you or your property manager.

This exercise will give you ideas of neighborhoods and what price points are fair.5 - Determine your acquisition strategy.

For example, I could probably find a duplex given these requirements in Compton (neighborhood in Los Angeles), but that doesn't mean I should buy there (I probably shouldn't). 

Mixed use can have big returns if you find some retail that suits your residential tenants (restaurant, retail, coffee shop...).