From what I can tell, it appears as if this holding company bought a bunch of horrendous, tiny, old distressed properties in 2002 and then tried and failed to sell them off in 2010-2011.  

If I had the ability to borrow from my 401k at the tiny interest rate they have, I definitely would.

I agree that the house is tiny!

One week into their tenancy, the wife called to complain about the condition of the house, that it was "filthy" (after a cleaning team spent 5 hours there), that there were tiny nail holes in the walls, carpet thread "pulls", a shade of paint on one wall that didn't quite match the others (this is a 100 year old house).

I would not recommend you get a house that needs alot of work before you learn abit because some things like flooring bathrooms etc you wont know how to properly evaluate the cost of repair without a tiny bit of experience so if you want to do that i would suggest learning from someone or going and finding out all the different price ranges for the following: kitchens, bathrooms, tiles, hardwood, plumbing, elect, roof, AC, carpet.

Each unit is about 450 sq ft   each, which is pretty tiny.  

I'm a new PRO member, as of about 3 days ago, and an investor with a tiny bit of experience in rentals and fix and flips.

Your monthly cashflow of $470 is a tiny percentage of the $5290 rental income.

Just try to remember they are just tiny billboards, and generally anywhere anyone can put a sign legally you can put yours, just need permission.

They think that these tiny towns that are booming will get week kneed at their cash and fold.