(its the buying at 145k with an arv of 150k and needs 15k of upgrades and 15k in repairs, and not having the RE license, and it rents at $1200, starts to feel the pain) 

The cities like this around me tend to be lacking in infrastructure and internet/tech upgrades as they have been mostly left behind with the loss of tax revenues in recent decades.  

Yes its good @Byron Scott, this allows you to vet them yourself and change them if you want to upgrade the units or not happy with the tenants. 

And after a few years, build some equity and utilize the 1031k option to upgrade to the single or multi-family home.

Stay in a good a neighborhood and since you said you're handy in regards to repairs and upgrades, I'd buy something that needs some work.

I may have broken the cardinal rule by purchasing a multifamily mixed use commercial/residential property in Michigan that has shared utilities AND electric heat.

this is tricky, it tends to be a case by broker-case basis, and only a handful of brokers control the bank-owned..yikes......i forgot if the agent can rep. the bank and you, there in NC, if you make offer..Just thinking out-loud and opinion, not telling you what to do, dont know your plan (hold, flip, or your funding):  ...get over there, with a property preservation buddy, assess the repair and upgrades, (unless its already pretty perfect or you feel the agent can give you some accurate idea)...ask agent what he/she can sell for in good condition, confirm.. then factor arv, repairs needed, make offer with 10 day due diiigence professional inspection......are you offering an almost full retail-market priced forclosure anyway, then are you going to hold it for cash flow? 

When you are sinking costs into a property make sure that you are not overspending on a house where the area will not support the upgrades.

Expense are quite low: $2000 year taxes, $600 insurance, $700 street lights, $3000 vacancy/lost rent, $1000 upgrading UTL & gravel/pavement per year = $7,300/year expenses.

Hopefully you have taken the time to upgrade your kitchen, and have given it a beautiful facelift!