Yes, there's a shortage of low-cost housing in West Palm Beach and Malibu and Portland Oregon and Asheville NC and other places people want to live.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

The downside is you would inherit their very low basis.

. - WRT income, at a minimum it has to cover all of your costs plus some for unforeseeable expenses.  

I too have feelings and thoughts about the programs.After I get past my feelings, I have found that I consistently get paid and vacancy is low. 

Case in point, years ago we used Olympic paints from Lowes, which were carried for a long time.

Determine cost to renovate. 

Quote from @Aaron Zimmerman: Quote from @Bonnie Low: My current CPA came via recommendation from another investor.

The median home price is also very low nationwide which creates a low barrier to entry.

Let's use that as an example. 20% down is $43,000 plus lender loan origination fees, closing costs etc is going to push you over $50,000 cash out of pocket.