I mean seriously, they'll bend you over.Don't just think property price is an indicator of C or D, literally go drive the neighborhoods your interested in, Friday night, party night, gets you a good feel for a neighborhood.If the neighborhood is having a party, that's a war zone.

At a minimum, a home usually must pass a 4-point inspection to qualify for insurance (and thus financing), so if a house needs something as simple as a new roof or a new a/c or furnace (which is very often the case with REOs), it kills the deal for conventional, FHA, or VA financing. 

We like asset class C or higher but prefer an underperforming property for value add.

My appraisal was also 10k more than my purchase price however I wouldn't bet on appreciation when it comes to Indy.

Absolutely right ... in fact, speaking of WB, he has also said that a 30 year fixed mortgage on high quality real estate is a fantastic way to short the dollar (bet on inflation) ...

Would you say I should literally just start looking at as many neighborhoods as possible, create maybe an excel sheet and categorize them as class A-C (or D), and go from there?

We do have a 0% down mortgage program for first time resident buyers (that can only be used once), but the property purchase limit is $200,000 and it is difficult to find multi-unit properties in this price range - unless they are in a C or even D area.

B, C or D class? 

I see a lot of talk about A, B, C, or D neighborhoods, but how do you reach that conclusion?  

Also, it will depend on whether your LLC is a C or S corp.