The older you get the less attractive appreciation is unless the goal is to leave some kind of legacy. 

The lower your price, the worst guests you attract, both in reviewing you and in doing damage to your furnishings. 

I’d use it as an opportunity to diversify into some other investment classes where you might be getting a more attractive risk premium for less work right now.

it is definitely a viable strategy, but many people assume they will automatically be successful solely because... you must make money buying at those attractive lower price points!

You have to attract interested parties that are willing to sell you their property cheaply because they need to vacate ownership for one reason or another.

Here’s a comparison:Income reliability and net cash flow: In Las Vegas, a fourplex in reasonable condition costs about the same as two single-family homes, but they attract very different tenants.

It's the conclusion you came to before you wrote the post I know but bringing up the challenges might make you realize that you might have to offer a heck of a good deal to attract a potential partner.

The irony is that this might actually attract more unscrupulous out of state investors. 

I'd try to get a 6-month lease at a below-market rate to attract a tenant.

I think of it as the rent where I can READILY attract GOOD tenants and also KEEP them more than 2 years on average.