I think you're confusing the quantity of items with curb appeal.

They are always leased here even for the corporate stations where they have a convenience store, a Popeyes or the like and a car wash.

Quote from @Fernando Martin-Gullans: Hey y’all, I’m a retail investor with 2 SFH rentals worth a combined ~$650k looking to utilize some of my stored equity to buy more out-of-state properties, but I’m not quite sure how best to proceed given that my interest rates are incredibly low (leaning me away from refinancing) and neither property is owner-occupied (which I believe prevents me from using a HELOC).

There are gurus out there who will tell you when seller financing to have the borrower sign a deed in lieu at closing so if they stop paying you can just record the deed in lieu. Every attorney I have ever talked to h...

Like you, when I'm working with clients I highlight the key advantages of the conventional rehab loans (Fannie Mae's Homestyle and Freddie Mac's CHOICERenovation) are:- They can be used for investment properties- You can include luxury items- They have a higher limit – $806,500 in most places.Jeff

$540 is not unreasonable for a home of that size and the items you mention.

Unkempt lawns, trashy or broken down vehicles, mattresses and trash on empty lots, boarded up houses, bars on windows, dealers and hookers on the corners, the lack of stores or gas stations, occupied properties are dilapidated, etc.Or when Google maps shows stuff like this:

From watching the market and myself investing in Bryan/College Station, people are still renting out these properties nicely.They can be leased as a whole or rented by the room and are usually in great areas, close to the university, grocery stores, and restaurants.

I have my personal emergency fund stored away in a HYSA, and am working to build up a15k property reserve as well, but am conflicted on where to keep that 15k. 

I have a 10x8 shed that I use exclusively to store real estate materials and supplies.