I don't believe "waiting it out" is an effective strategy.

Selling slower here too--FL you have a lot going on--midwest has a seasonality effect. 

Where are your scheduled gross rents and effective rents so far in the last T12 months so we can figure out offense and defensive strategies.These would be the questions we'd go through in planning your steps ahead.

However, this is not really effective in the real world.

Also, I wanted to convey that the type of investor I describe should on;y accept a quality tenant well above what’s typically considered acceptable in the industry.  

@Arun Maheshwari Richmond and Rosenburg have effectively become immediate suburbs of Houston with the continued sprawl.

Crime and Tenant Quality: With the higher crime rate in 76104, how much impact could this have on tenant retention and turnover?

@Anthony Finelli check your mortgage paperwork for the Truth-In-Lending form to find your APR.APR is your effective interest rate including interest, MIP and closing costs.If you can refinance the rental at a cheaper rate than the APR, then you should!

@Rory DarcyRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Lots of areas that pencil very well on paper but the quality of renter you will get is going to eat into any profit you may think you are getting.