If any other industry had this dynamic it would be a disaster for that industry.If you are absolutely set on real estate, either aim to make it a full time thing - leveraging the skills you have (sounds like you already did one successful deal basically), or settle for the 1% rule, safe B class rental properties, and do it slowly, dollar cost averaging, just like the stock market.

@Travis Hintzel It really depends on a few factors: 1) neighborhood dynamics 2) climate 3) bus route.I am the president of the Housing Corporation for the Fraternity which I was a part of during undergrad.  

Prices are very dynamic though, so if you were looking to flip houses it might be a place to look into.

That's already a pretty intersting dynamic.

You also ran into some funky dynamics around the size of apartments. 

Ian, You could probably get a slightly higher rent, but I doubt that adding another bath would change the dynamic from a break-even deal into a cash-flowing deal.

I have one good friend who's a cop who acts like this in situations of a different nature but similar dynamics.  

The guys that would take two weeks will do amazingly intricate and high-quality work, but if I were paying them per hour, it would be at a cost that I wouldn't incur even for my personal residence.So, while I might say that tiling the bathroom is about 2 days work, if he's a quality tile guy, he could probably justify two weeks, which would put your cost at about 5 times what I suggest it should be. 

My places are a century old with intricate & beat up casings at least 5", a real pain to brush.

@Dylan Grieve - consider also that the heir's are dealing with the dynamic's involved in probate as well as the mixed emotions -Good LuckMark