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?

Just like any market, it has its quirks on what to look out for and what to expect. 

Quote from @Sebastian Bennett: @Russell Brazil Why do you expect expenses to go up? 

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

I know you said you don’t expect anything major on the properties soon, but I would take a careful look at what is most likely to need to be replaced soon and figure out how you would pay for that if it needed to be done tomorrow.

What happens if he has a major expense? 

Proximity to Major Northeastern CitiesBuffalo’s location near major urban centers like New York City and Boston makes it an attractive alternative for buyers seeking more affordable housing without sacrificing access to urban amenities.5.

Rates and expectations vary depending on the relationship and the investor's comfort with risk.

This arrange that you will have will likely be a headache(major assumption on my part).First - Do not do business with a friend. 

Quote from @Kandice Morgenstern: Does anyone have a good lease clause to outline responsibilities and expectations during mandatory evacuations?