The only downside for me is that it can take a few days for the money to actually process/deposit, but that works fine for me.  

Hi Kalon, we share the same experience.

When I hear "small market" I think 8-10 caps, but maybe my small isn't the same as yours.  

In our state (Washington) you must send the lease non renewals 60 days in advance and they have to be served (posted at house and mailed).

To the OP: your self-criticism could save you money at the end of the day.

It's seen better days, but is still a very viable area. 

After the leases are up (or if they are month to month), serve the tenant for 30 days and renovate each unit. 

An added bonus is I'm not swarmed by day laborers, as well as my trucks don't get broken into.

(this is important if you do need a short term loan to purchase then refinance out - and the answer should be 1 day...very important that it is 1 day on title is all that is needed to refinance) What is my minimum down payment required?

It's why ~1000 people a day are leaving or have left.....