Investor beware though, vacancy rates can change based on local economic shifts.  

As one to lose your virginity on, it looks fairly OK.My first house was one much like this - I got it under contract for $32,000, realized during inspection that the basement was collapsing (we rarely see basements here in Texas because of shifting soils), and got the bank to lower the price to $22K.

That's why I've shifted my strategy recently and going to be seeking flipping opportunities.

@Michael Noto, I did manage to drive by 4 properties recently (a lot of 12 hour shifts and afternoons/midnights are making it difficult).Two properties didn't help their case...two properties (based on the outside appearance with the inside pictures on the listing) solidified their potential, to me at least.Go figure: the two properties that helped their cause are already off the market.  

If the market shifts by the time you're done with the rehab, you can't hold the property--you'd have to take a loss.  

Knowing the area is key to making money in this market as well as understanding the different shifts that take place in individual areas.

You'll find plenty of inspiration here to help you shift your investing career into its next gear.

After this spring semester I plan to shift course in my studies and pursue a career in real estate investment.

I think you'll continue to see the marketplaces lay people off and shift their business model to larger deals which require institutional capital.  

Hey, my partner and I are shifting our focus to a new market right now.