In my 40 yers in this industry here is what I have observed.1. 

You can fix it, sell as is, get payments (observing Dodd-Frank), etc.

My observation would be that your return will be better a block or two off the beach.

San Pedro, I got the impression that the police let them do whatever they like, and they were drunk and hostile, at least back then in that neighborhood; was not so west of Gaffey, though ... probably not PC, but that was my honest observation.

Either way, those are my observations for at least the Northern VA part of the DC Metro Area and how I adapted my investing strategy around the area. 

If you live in the north, however, i think it's important to observe what happens during the snow melt.

From what I have observed, the area seems promising as for rentals and it looks like it will cash flow around $100 a month with conservative numbers.

Spend the time to learn by reading and observing and then once you have enough money saved for your first property, pull the trigger and spend it on the property, not on reassurances or feel good programs from some guru.  

From my observations, building credit is easiest and safest with predictable and regular expenditures (like gas and groceries).

Notice to cease documenting observations and inability to perform work.