If you don't pay, the free leads from there are just the scraps left over after the paying members have picked thru them (totally cool, that's the way their model works...).You're right that the numbers are pretty weak, and I don't completely trust the numbers you get.

If they have double that figure once you get the other tenants out.192,000 -115,200 ( 60 % ) = 76,800 NOI once stable and fully rehabbed.At a 10 cap which most rougher areas might trade at a 12 but let's do best case you have 768,000 resale value.If you pay 450,000 and then have 40 units by 5,000 improvements that is 200,000.Resale of 768,000 minus 6% commission 46,080 = 721,920Figure title work , buyer concessions ,etc. maybe you are at 705,000Take 705,000 net minus your 650,000 in you are looking at 55,000 profit and that is IF the buyer isn't asking you to take back a second mortgage of 10 to 15% and then your profit is gone.The key on this deal will be immediate repairs needed and if the area is really rough it won't make a difference how nice you make it the quality tenants will stay away and the new tenants will thrash your rehabbed units again.To me I just don't see this as a deal unless there is land involved but if the area is rough the redevelopment would be weak unless the government was coming in and buying stuff up with grants to revitalize.

Even though the US real estate market is weak, it is totally a different story in northern VA.

There is a bunch of junk out there trying to sell for 7 caps but low quality retail tenants,sub-standard locations, inflated rents, leases coming due soon,weak guarantees and leases,etc. 

You'll want to have just a written policy in place that says that you're following that and you will capitalize any thing over $2,500It used to be $500 which was weak sauce and I had to capitalize junk like smart phones all the time.

I'm not a handy man what so ever and I do not want to get dragged into the day to day of being a landlord.I realize where my strengths and weaknesses are and that is why I am planning to utilize a property management company.My question is, are my expectations unrealistic of being a mostly hands off real estate investor?

I still consider my self as a novice landlord, and think that my lease seems a little weak. 

If they " smell weakness" they will take advantage of it.

Tenants will take you for a ride if the smell weakness.

Or, house has settle and thus 1 rafter is a bit higher than the next, making a wave or dip.Or, yes perhaps that spot there is a weak area, and has or MAY allow water to get to the decking...