I looked at properties in Hot Springs Village.  

I like Hampden, Fells Point, and Charles Village but these are all priced out.

I.e. if your speedometer is indicating 120MPH, if you are on the autobahn, you're probably OK, but if you're on a two lane highway heading into a small village, it is probably not OK.Same thing with ROE, you have to compare it with what else you could be doing with the equity.  

I've actually been looking into Frederick and found a townhome in the Fredericktowne village/Monocacy village area that I'd like to see.

You need to examine the details of your comparables to determine what the potential ARV is:Are the comparables all in the same city or village Sometimes using the radius for comparison results in spillover from another city or village into the comparables.  

I'm currently targeting neighborhoods I'd like to live in, such as Charles Village, Station North and Pigtown. 

Dolton, Country club hills, Calumet Park, Calumet City, Lansing, Country Club hills, Glenwood, Hazel Crest, Floosmoor, Sauk Village, Chicago Heights, Maywood, Bellwood , HarveyI would like to find properties that beat the 2% rule that only require a minor to moderate rehab.  

What are things to be aware of when working with the folks in the village

I live in The Villages, FL and I primarily work Lake, Sumter, and Marion counties.  

Do you call the village and see if they plan on making one of these area-wide adjustments in the coming years?