Hi Curt,Here are the details. 8 homes for 200K that rent for 56K NOI.918 E Bowman, 3 bed105 N Kaley, 2 bed1825 S Magnolia, 3 bed3205 Revere Place, 3 bed501 S Bendix, 2 bed1640 S Carlisle, 2 bed1625 S Chapin, 3 bed1046 Diamond, 3 bedI would offer $100 to 120K in cash.But they are (mostly) rehabbed section 8 rentals.

Jonathan West Hi those are great points, we just closed on a property in the southwest area right off of Blue Diamond.

Distressed (read: discounted) is the diamond in the rough, both for those who simply can't afford the current retail prices and for those seeking to add smart value.  

As previous posters mentioned, getting a diamond in the rough property in a nicer area and doing a value add may be your best bet.

It's really a diamond in the rough strategy that favors smaller investors.To give you an idea of what this has meant for me, each property I've purchased for B&H (or tried to purchase) in the past 3 years has been unique and required extreme work to meet the above requirement.  

This deal gave me the momentum to go through all of my old leads to see what other diamonds in the ruff I could find.

The tenants seemed content.The property is no diamond aesthetically but it produces money thats what is important?

they are both local to you and you may be able to get some help finding a good property manager or get some local resources for what to do or not to do in Massachusetts courts.Also, @Brian Lucier is the head of Northern Worcester County Landlords, and he'll be speaking at Black Diamond in Worcester for our April Meeting about exactly this sort of thing.

Any agents here that have followed Ricky Carruth's Zero to Diamond agent program?

I have found that Black Diamond REI Insiders is a really great opportunity to meet people in the real estate investing field.