Economists were warning of an inflated market a year ago.

The numbers work out great, and the property is old (1922) but passed recent City inspection.Any advice/concerns/warnings about buying a property in this area?

Would you pay more when the tenant is very needy and calls every time a light bulb burns out and the manager neesds to explain that that is the tenant responsibility?

I saw that formula and a light bulb went off.

Of course the pickings have been slim to find a move in ready or light rehab MFR under 120kzHowever, I have found some and placed bids on a total of 5 since December 2016 when I was approved.. my challenge I want to know how to over come is getting my offer accepted when multiple offers have been submitted?

Our current tenants are already very wasteful when it comes to utilities (they never turn the furnace/lights off), so our averages from the past year are already on the high end of the spectrum. 

You could also buy the property yourself and do light renovations and then hire a local PM company to manage it. 

I took pictures of all kinds of issues: damage to most of my new cabinets they installed, electrician replaced a bunch of new lights and fan I had a prior contractor put in, wood trim was installed poorly unevenly cut, drywall finishing looked terrible, the plumbing they roughed in didn't line up with the vanities they knew were there to be measured... among many other issues. 

Be warned that surrounding developing SE Asian countries depend a lot on who you know for regulatory issues and absentee ownership would be tough/risky.

It is also likely that during the rehab there will be other issues brought to light that make this a more expensive project than anticipated.