So you might go for higher priced per door units that are value add in better quality areas.All my friends that have done these stick to B areas from afar even if they have to bring in partners.Doing C or D from afar typically doesn't work.

I don't know anything about the Peioria Heights rental market but the argument would be that a $30k home will be a "class C (or less) neighborhood" and while you may see good cash flows and rent at the 2% rule, you'll see higher turnovers, maintenance costs, and capex which will ultimately catch up.

I see this as a mutual fund really, since I do not bet on a single big project (but I do bet on a single 2 man person company to execute)2.

I consider Center Point mostly B, but there are some areas that I would consider C or worse. 

Don't put yourself in a position like the speculators who bet on appreciation in 2008 and lost big time.  

Some recommend you start a C or S Corp to avoid dealer/trader status with the IRS, especially if you plan on wholesaling some of your properties you get that you do not plan on flipping.

It is right near the university in what I would call a C or C+ location.

As I was driving home from work tonight listening to Bigger Pockets Podcast 143 (which was excellent if you haven't listened yet) @Brandon Turner brought up a very interesting article that just came out on Fortune.com...

Total monthly rent $2,800 (conservative) $2900-3000 (realistic)all expenses accounted for (50% rule) and mortgage comes out to $2250 (this includes property management) Net profit would be $550The only set back is that it isn't in the best area.... definitely not a war zone, but probably C or C- Any advice on this deal, because the monthly cash flow looks fantastic, I am just unsure about the area variable. 

But then again retirement is still many, many years off for me, so I'm thinking my best strategy may be to bet on Southern California appreciation for the long haul...I don't plan to quit my job any time soon, and I'd take 1% greater average year-over-year appreciation over the next 30 years over an extra couple hundred bucks monthly cash flow per door by picking up property in Cleveland or Indianapolis...decisions, decisions...Let's say you were in your 20s and could do it over again.