The house is currently listed for sale and I don't want to cut out my realtor because he's been awesome (and I want his help to set up another open house so the prospective tenant buyers can come see the property and collect their deposit).

That $35/40 expense will deter all the tire kickers and allow you to speak to people who really want to pull the trigger. 

You can drive for dollars to try and find some decent prospects.

I think after renovations, the house could be worth MORE than $153k, but just not sure how it will be viewed by prospective buyers.

I came across an 4 bed- 4 bath old house (1916) in MLS. I ran some numbers and it came up with ROI of 16%. I am sure the house needs work, but I think it could be a good rental property. Since I am a newbie, I do not ...

I'm curious has anyone moved to another area where prospects might be better/more affordable to start?

I guess a good way to frame the question is, how does a prospective property for wholesale vary per location?

Not trying to deter just giving information.

If your seriously considering it, I would proactively start the process of screening prospective tenants.

Prospect is elderly and wants to sell his lot (he doesn't live on it) but hesitant because of the taxes he'd have to pay.