Your best bet is a construction loan from a bank that you can turn into a traditional mortgage after its built.

As long the property has been properly renovated and has a sound foundation, anything built in the 50s and newer has good potential for the long-term investor. 

The main pro is cash flow  - C-class as a whole tends to offer better cash flow than a higher class property in the same town (purchase price VS rent tends to be at a better ratio in C-class). 

I found a 3-family (currently rented, $2700 a month income) in a college town.

My dad is an accountant and real estate investor in a college town in Western Massachusetts, so I guess that rubbed off on me.

I think we're going to see the demand slow and we may even see certain markets that have over-built which could seriously impact rent rates and occupancy rates.On the other hand, rising interest rates may result in fewer buyers and more renters.On the other hand, I think a lot of newbie investors are going to start selling off because they're tiring of dealing with tenants or they're divorcing or their market shifted or...Who knows?

He's a younger guy and planning to move across town and buy another house. 

I almost always have more of those kinds of people in all my houses every week than any other individual motel/hotel in this town does. 

Unless you work with an investor focussed realtor, many realtors can't even point to Emerson Heights on a map.All of my clients teams are built around the property manager.

Welcome to town @Caleb BryantI am a local investor here and have been focusing only in single family units so far.