Personally I consider it to be more of a entry level neighborhood for first time home buyers and a blue collar neighborhood for long term renters.

Sounds like you've got a solid foundation and a smart approach by focusing on stabilizing this rental before scaling.

All it took was removing a couch and a TV and giving the exterior a quick pressure wash.

I compared other properties in terms of age, sq ft, acres, beds, baths, basement, garage and a subjective measure of interior condition.I have a huge problem with the automated comps (Zillow, RPR, etc) because they could not account for the interior condition. 

It has gained some value as properties have been rehabbed or new construction has been built, but there is still a long way to go and a lot of equity to be gained.  

This will increase the return above what can be obtained on a passive investment.The flipside of having the power to control everything is that it can be alot of work (and a full-time job if a person is putting in sweat equity).

Add to that there is currently a ban on foreign buyers in Canada (only a few exceptions and as far as I know they all involve living here).Capital gains taxes apparently used to be higher (before my time). 

It is always nice to live close to your rental properties (although not absolutely necessary), and as a military guy you are able to choose where you retire to.

A giant laundry room, a two-car garage, and a separate living room.

Based on what my real estate agent thinks that this quote will be, roughly, and the after repair value, it looks like I could buy this property in cash, spend a month or two fixing the damage, and then put a mortgage for roughly 1.6x what I paid for it and thus have a cash flowing property at a few hundred dollars per month and a little more money in my bank account ready for a down payment on the next deal.