I am starting to realise that..

Your greatest profits will be realised when using OPM (other peoples money),  Cash is too valuable to tie up your own in one property , you need to spread it around as much as possible to as many properties as possible.

If you invest and maintain the property you would be choosing not to be a slumlord or are you suggesting if you invested there that you would choose to be a slumlord.The reality is that the tenant base in those areas give landlords very few options, everything you fix they destroy, and eventually you realise you are wasting your time and money trying to help these people.

Many times you will collect from the tenant at a future time when they realise the claim against them has put a hold on their lives.In some states this is not the case and landlords would be best to simply let their tenants live for free and not be concerned.

@Kevin Polite I hadn't realised that Realtor.com was 1st to market and failed to capitalise on the opportunity.

Applicants do not have a entitlement to rent the property simply based on having passed financial qualifications.Some are simply too stupid and to arrogant to realise what qualifies as acceptable. 

I hope you realise how rare it is to find agents like them!

You do realise that despite following the terms of a rental agreement/written lease strictly and uniformly you could still be in violation of  Fair Housing laws. 

I just realised how long this post is...should have made it a blog :)

The numbers look OK although a C class neighbourhood will be hands on management.You should be able to realise $400/month positive cash flow depending on your tenant selection.