I'm convinced some people have special connections and get the cream of the crop deals before us normal guys ever even have a prayer at bidding on them.

Icing on the cake is double appreciation.  

Also know what it will cost to Buy the property, Hold the property, repair budget for the property and finally sell the property.Thats just the tip of the ice burgh but it will get you started.

If they remained with the $50k assessment, the cash flow would be almost $700 - that would be icing on the cake. 

Using a buyer's agent to get great deals on REO's is like using an oven to store your ice cream (it just doesn't work).

Lawn Mowing Driveway snow and ice removalWalkway ice and snow removalWhat utilities are generally covered by owner?

Doesn't vanilla ice do houses in Florida?

@Matt Ray  since pretty much the entire mid west deep south and rust belt is turnkey land.. the parts are frankly pretty interchangeable. and I would focus on the teams... remember all of these markets the mantra is cash flow and appreciation is icing on the cake.. so if you have little to no run up in value consistent cash flow is the only driver to buy these and consistent cash flow happens with the best PM you can get and a team that rehabs to a standard that will allow you years of operation without serious cap ex.  

or is built in equity just icing on the cake if the property is cash flowing?

If you do the walls white paint the top cabinets cream, something that goes with the countertop.