And banks are not lending the way they were even a couple years ago for MF.My sense though, based on all the recent complaints I read on here about low yield in other parts of the country, is that the rest of the country is starting to hit similar market conditions.

Many times tenants have been subjected to less than ideal conditions from their landlord and are excited about the possibility of having a landlord who cares about them.

That plus its run-down condition gave it the nickname "Barbie's Crack House".   

It may cost you significantly to get it to buildable condition.

No its plenty on that block and a few others that 179k for bigger home renovated in and out, my realtor has confirmed the comps also we did the initial walkthrough and might be able to get it for cheaper for the condition.

If you just plan on buying rentals to turn over to a property manager it doesn't matter where you live really.

What is the condition of the unit if the tenant has vacated. 

One thing for sure, everyone will agree that finding the right people/team is more difficult than finding an investment property.My criteria for buying investment property is simple: Single family home In a B+/A type of neighborhood in a ready to move in condition.

I know I am still always learning, your best bet is keep going, keep observing, see who buys what, who buys where, what prices do they pay in what conditions, see if you can see who got a good deal and a bad deal, little by little you will get more comfortable and familiar - but it takes time and patience, I remember in the beginning I would get REALLY frustrated.

But I’d give the required notice, maybe even an extra 30 days and raise it to market rent for the condition, probably another 75-100 a month.