Here's some basic copy & paste info that may help you make better investing decisions:----------------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

You may not need to visit each property you buy in that area though.4) Unless you are buying Class A turnkey, you should have a PMC.5) See below copy & paste info:-----------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

While I don't object to spending money to do one's due diligence, I don't know if $500 is called for when you can get very high quality syndication groups/meetups/information for free.

And there are some investors who go for those lesser quality areas, because they have experience in those types of properties and know they can buy there inexpensively. 

Streamline your communication process to secure quality tenants.Focus on QualityThe condition of your property matters more now than ever.

Are the units vintage quality with in-place rents $500/mo below current market?  

Right now, I concern myself with the quality asset.

The quality of answers to your are directly correlated to the quality of your questions asked.  

Contractors, unless you have a working relationship with them, normally do not want you bouncing ideas off them.Understand what their hourly rate is, have a discussion with them that you are okay with paying them an hourly rate if they walk the property with you and provide you a scope of work along with an explanation of what you can/can't get away with in regards to improvements.ask them if you go with them, if they can credit you the amount that you paid.Once you develop a working relationship with a few contractors, you can bounce ideas off them and expect quality responses.I do not invest in New York.Best of luck. 

Could be a business decision based on keeping long-term high quality tenants rather than risk the costs on turnover.