LOL that screams white trash to me.

I don't even have to physically visit the property.But, there are other ways to add value to a property, too, that don't necessarily require finding a screaming SFR deal.

We look today at companies doing this and it just screams "brand new" company, "I have no money to operate" as a company, and "I want to put all the risk on the buyer" as a business strategy.  

The kids yell and scream, throw stuff into the tenants yard, and then the "grown ups" come out and yell at the kids.

Divide the annual net cash flow after these expenses by the down payment and you'll have your Cash on Cash Return).When Warren Buffet said, "Buy when the blood is in the streets and everyone is running..." and then went on to buy Prudential and turn it into Berkshire Hathaway Home Services, while also buying up a ton of single family homes, he set off a Wall Street frenzy.

if the other tenants are make too much noise he yells and screams (and it is not that loud). 

I would not buy in OC now unless you've looked at 100+ deals and find a screaming bargain aka off market.  

It may depend on what your expectations for an investment are but, conceivably, you'll get better appreciation in Journal Square, given that market prices there are generally still lower than JC Heights (although if you found a screaming and/or off-market deal in JC Heights, that changes the calculus).

Also, it is possible to do all your due diligence online (now comes the screaming from maverick TLC investors). 

The first thing that screams out at me is that at the very minimum he would be deferring capital gains by trading that for ordinary income tax.