I don't do app development but I was told for most sites and businesses it's a lot of work for low payback.

You could also list low and if the demand is really there, could get bid up.

Low cost + high rent/value ratio.My market of Middle TN doesn't have any livable property for that price and the 1% rule isn't very realistic. 

Start by making a low offer to the tenants and see if they’re interested.

Install low flow water heads, swap the washer/dryer with High Efficiency models, replace the water heater with a tankless version and lock the temperature at a reasonable level, install smart thermostats that will automatically reduce the heat/cool when it senses no one is home, swap all the lights for LEDs, etc. 

Much like other markets in the Midwest, investors go to our market because of the low barrier to entry.

The outcome was a beautifully furnished home in a prime location with a low mortgage that generates consistent cash flow.

Quote from @Michael Daniel: Purchase price 70k currently pulling 900 rent ARV 110 - 140k, rehab about 25k @Michael Daniel That rent sounds too low for that ARV.

Underpriced, underperforming, value add, 20 units, cash flow potential, low risk How did you find this deal and how did you negotiate it?

The denominator in the calculation is your capital/equity and with no debt the return on your existing equity is low.