I came across much lower than expected historical property taxes for them and was surprised.

Rhode Island has cheaper housing then MA in general but unemployment in RI is historically higher then MA. 

This listing is in a growing suburb of a top 25 metro market and, while historically it's been considered to be on the wrong side of the tracks, more growth is being forced into the area from the city. 

Part of that is due to the very slow recovery of the nation’s homebuilders, who began rebuilding their businesses after the historic housing crash mostly in the move-up and luxury markets.On the bright side, builders are well-positioned to increase profits thanks to the shortage of existing homes for sale.

That's certainly a possibility, but historically recessions don't always go that way. 

While interest rates are at historical lows, closing fees are at historical highs...everyone has their hands in your pockets. 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $287,000

Cash invested: $25,000

3/2 Single family home in Plaza Midwood neighborhood of Charlotte.
I purchased this...

It may be a good time to approach the borrower to see if he has any interest in refinancing the property now that rates are at historical lows and consolidating the three into one mortgage. 

Real estate has historically been a lagging indicator of economic events. 

Those places, unfortunately, have historical long term appreciation at a rate less than inflation.I wish you both a lot of success investing in Alabama.