An 80% occupancy rate indicates low demand. 

Where do you think a rehab is more likely to net the better sweat appreciation the high property value market or the low property value market?  

Do you happen to have an HOA covering the neighborhood?

With things like the ONE Linden plan in Linden, which is a 50M plan to improve the neighborhood.

With $250k I would look at these neighborhoods: Normal Station, Audubon Park, Colonial Acres Sea Isle Park, and  Bartlett TN.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Rents are generally low there as well, but definitely stable.

I changed Grandview and Raytown to be B-/C+ neighborhoods.

What are the comps selling for (last 3-6 months)in the neighborhood?

Zillow says its worth $240,000, which I think is low, and would rent for over $2,000.