If I would be able to increase the rents and then refinance after those 2 years into a conventional loan at a much better rate, it would cash flow about $175-$200 ish/unit/month at that point.

Something has to give, either the rents increased or the bills become tenant paid, preferably both.

Current LayoutPotential Layout will increase the rent by $200-$300

Account Closed Is the hypothesis of the article that demand will increase over time in places that have high quality of life and better affordability? 

If sales volume started increasing I'd be getting worried about a slowdown.

Sorry to pile on, but in the same deal I referred to, I also increased the agreed selling price so the REO bank could buy and install a new HVAC before closing.

Well, that 10% rent increase is mostly likely free and clear due to expenses staying the same. 

Recession resistant asset class (people downsize, move in together, move back home, etc. during recessions)Cash flowing asset (not dependent on market appreciation)People buy a lot of crap and toys during good economic times (and need a place to put it)75% of the facilities in the country are owned by non-institutional owners (opportunity for adding value)Small ($10-30) rental increases create large increases in NOI and property valuationSticky tenant baseUnits are easy to maintain (brick and metal, no amenities, little landscaping)Location, population growth, and barriers to entry matter. 

Also is it wrong to talk to more than one realtor, since I'm just starting out and have not built up any working relationships with anyone, to increase the odds of finding more property?

Rent has not been increased at all over the 4 years and most of the rental rates are $550 plus in that area.After running the numbers via the (awesome) BP rent calculator, it looks like cash flow will be just over the $200 per month and ROI at 30% (on a 30 yr at 5% interest with 25% down).