Milwaukee itself seems great, and this property is about 7 miles from downtown.

Agree with @James Wise pricing it right is half if not more of the marketing. 

In my experience in Florida I've found companies that have written policies in one zipcode and reached a limit but will write policies 2 miles away in another zipcode.If you find you need commercial insurance then seek, Commercial Property Insurance, Commercial General Liability Insurance, and if needed Commercial Umbrella Policy.

Note that this is not appreciation, it is just your hard asset retaining it's value while the money is only worth half of what it used to be.Say you then did a tax and cost free exchange of a carbon copy house across the street.

So the 1/4 mile rule is a little deceiving.

Anyway, having a head start from investor parents puts you miles ahead. 

  #1 was a Hubzu, under contract after 2 and a half months of bidding. 

I never used direct mail, but I know it must work as they sure use it.If I want to "find" a note I do so locally, there is probably a half billion in notes within a 100 miles of me, I can't buy them all, at least at par.

            $3180Annual Cash Flow          $1485 (Or $2385 with management figured back)Cash on cash                  18% (Or 29% with management figured back)It's in Madison Heights, within a half mile of 7 of my other rentals.

That type of work (i believe) still beats a 9-5 job where half your income goes towards living expenses that aren't building your assets.