I am a pro in the lay of the land in Raleigh, down to the "good" vs "bad" streets, so feel free to connect with me!

I live across the street from a new apartment building in Minneapolis, MN that didn't have to provide parking as part of the build.  

The 3% mortgages have MORE servicing value for the opposite reason, these ones aren't likely to be refinanced any time soon, and the market thinks they are less likely to be paid off via home sale to boot.This isn't about your or my crystal ball predictions for inflation and interest rates, this is about billions of dollars of real life bets being placed on Wall Street and by big banks.There's another reason big banks are valuing these low rate mortgage pools: Thanks to some deregulation that happened, they get to use the escrow accounts as "deposits" for the purpose of fractional reserve banking.

Once I understand how to materialize this component of the deal, I will feel comfortable hitting the streets.

The current tenants are paying $700 a month but the rental comps in that area are $1400 conservatively (similar properties on the same street are going for $500 a bedroom).

Afternooon, I always recommend visiting the areas you plan to invest in to get a feel for what the city, neighborhoods and streets look like.  

He since fixed some of the issues and one of his employees has been driving it around (I used to live down the street from him).Probably not very interesting, but the only items of note that weren't just junk.

It hits a hundred million and people are lined up down the street.

Here are my thoughts on the properties you are inquiring about and college rentals in general:Ralland: these are in a less desirable neighborhood and @Dylan Vargas is right, someone would need to come in and purcahse and renovate the entire street for these to hold much value. 

Though you won't be able to get another FHA loan down the street, you can only have one unless you change jobs & location because of it, I believe.