@Kelly N. is spot on about the scam that starts with the con offering to pay in advance and mailing a check for too much.

If your working capital is not super high or is fixed don't use it all up after spotting one good deal.

If you're keeping it as a rental just keep your tenant pool in mind, as there are some rough spots in the harbor. 

@Rafael EstevesAll the responses are spot on but I wanted to add a little more that might help.For a value add strategy it's all about the ability of an operator to force appreciation by increasing NOI.

RevPAN is nice because it allows you to see the combination of ADR and occupancy.Essentially it’s a way of figuring out where the sweet spot is for pricing...For example, if you pulled in $5,000 in gross rents for the month and the place is available for all 31 days of the month, the Revenue Per Available Night is $161.29 ($5000/31).

@Brian Tustin this is spot on.

then at least in on the West coast ( and maybe Russ can chime in on his market) but rents went on a vertical tear upward.. basically almost doubling from 2010 until today were they have peaked and are softening.. which is about the same for home prices across the board with some higher end stuff seeing some significant reductions.. starter housing still strong in most markets thoughthe only place that was building like crazy that did not really busto I think was Hot spots of Texas. and for sure rents in the " Cash flow markets " were stable we were getting 700 a month for a little mid west bungalow back then and you get about the same today. 

The numbers quoted to me are close to spot on except for the monthly insurance cost.

I recommend roofing inspection, spot check a few empty units (especially with regards to the roll up doors), HVAC (if applicable) and drainage / asphalt. 

I think there's a right time for everything regardless of the market, you just have to pick your spots and make sure your projections hold up.