The key is to be organized (investment package), properly present your case (solid underwriting) and persistent.

Those are still great strategies and deals can be found if you are more persistent than the next guy.

But with enough persistence, you'll eventually find something that works for you. 

In your case its late on the 2nd, unless that is a public holiday, then you serve it the next day because that's the day its late.In your case with a persistent late payer, I'd try to do a personal service and if that fails a nail & mail service.

I have met a lot of people around here who have done great things in REI starting with less, and the common traits they all seem to have is hard worker, creativity, and most importantly, persistence.

If all four conditions are well met, e.g. its close to Center City with good transportation (public or otherwise), pricing is steady or rising, permits are constant/persistent (indicating still room to grow), and rents are solid, if improving, and the inventory moves quickly -- you have a good neighborhood with long term growth.Would love to hear other investors thoughts on this -- these are just my very inexperienced thoughts.

And to James' very last point, persistence is key here.

Knowing how this process works, I would not simply make an offer but rather be persistent and get to the REO manager or other decision maker at the bank.

While you certainly can try the MLS for this area, as I'm sure you've already found, this area is pretty heavily-followed and you'll have to be quite tenacious/persistent if you go w/ that strategy.

Always remember to persist and you will WIN!!!