My Agent is telling me the property is in a C or C- neighborhood.

***Only exception is if an owner has plan & funds to reposition Class D to Class C or higher.https://www.biggerpockets.com/forums/776/topics/960183-what-they-dont-tell-you-about-cheap-rental-properties?

I also would bet on an appreciation to boom in the next 10 years, like Jersey City has.

For multi-family, deals in Tampa are few and far between if you are looking for Class C or better.

In my opinion succesfully acquiring, managing, and maintaining a portfolio of C or D class properties in a state where one does not reside would be very difficult.

If this is a C or D class rental I'd leave it for now.  

Mostly anything south of Shaw, west of the 41 or south of the 168 are either Class C or true war zones.

@Navid A.You don't have the option of listing items on schedule C or Schedule E as to whatever benefits you greater.

.- Don't bet on interest rates coming down, but think of it as a bonus.The place will cash flow much better when rehabbed and after 2 years of local rent increases. 

I think you can def get $1400-$1500 in this market.However, this is not a good cash flow buy & hold unless you want to bet on appreciation IMO.Here's why:Purchase Price $155,000Rent $1,600 Gross Income= $19,200Yearly ExpensesTaxes= $3,881 Insurance= $1,250Vacancy (7%)= $1,344Management (7%)= $1,344Maintenance/Capex= $2,000Trash= $375Rental Permit Fe= $75Total Expenses= $9,769NOI= $9,431Cap Rate: 6.08%That cap rate is way too low for me.