The thing could be a vacant lot by now, covered in snow, holes in the roof, massive water damage, etc. 

Some will say that buying $35K properties for "massive returns" is great while people like me wouldn't touch them.And don't even get me started on the implications of tax brackets, marginal income tax, personal income tax states vs. not, etc. 

Warren Buffet says he would rather pay market price for a quality business than get a dog for cheap.

I’d never advise someone to start with a massive rehab or a C- property.

HOA have massive powers. 

Reputation plays a massive role in this biz and has been discussed over and over on this thread alone.

Some say get a website and business cards, others say don't waste your time on websites and cards and focus on finding deals.From what I've heard, direct mail is the best way to find deals but even that approach can be pretty expensive here in LA since it takes months and a massive volume to get the phone ringing.I've considered marketing in Bakersfield but if I do, I've been told I'll need to be able to drive there asap if I book an appointment, and that isn't always possible being that I work full-time.  

At the current cost basis, however, these cities will be less likely to provide you satisfactory income per dollar unless you add substantial value to the property.Conversely, cities like Houston, Cleveland, Jacksonville, Detroit, and Tampa have experienced less dramatic appreciation and still offer a great cap rate with a stable industry base, but you are less likely to get massive appreciation. 

If you look into the history of currencies the current scenario has always ended into massive inflation or a crash/reset of the system.

From what I see in the area, there are a lot of houses that have been torn down in order to build some massive 9000sf houses that are selling in the $4M range.