We would prefer to have properties in our neighborhood so we can manage them ourselves. 

I would say that the value he brings is finding the deals, doing an initial diligence, having a local team set up for renovations/repairs/property management as well as knowledge of the neighborhood.

Maybe, but so far the reports are about neighborhoods where people have real money.

B- area or less, the sign notifies the neighborhood thugs that the house is vacant. 

For example, intro's to people here that can help you with certain specialties, planning, feedback on neighborhoods, financing of course, etc.

We know that they’re building up, it's near a hospital and it is a good neighborhood.

I would say you're rolling the dice with that neighborhood and the street trying to push LUX.  

Which will also depend on the neighborhood.You want to, "rehab/maintain to the Neighborhood".Most investors go overboard on their first rehab and waste a decent amount of money.

@Travis Boyd The quality of the neighborhood will affect the cap rate to be used.

Once you have enough properties to support your life style, what is the point of acquiring more?