Generally, you can buy a falling down shack for 200K to 350K, or something in decent shape for 250K to 400K, or new construction (not condo) for 400K+,  Yes, there are exceptions.As far as talking to the owners who might work with you, they hear from many investors, so you have to differentiate yourself.  

(But the tradeoff is that the historical trend in rent-rate increases is lower.)

I think this may be a big trend in the coming years, but who knows how long it would last and what's the exit strategy on a mini-RV park in the middle of a city???

My strength is in Finding the deals, and doing the leg works, micro management.My husband is the nego, deal analyzing and general whip cracking, and money (can't forget that) macro managementMy Contractor is my doer, he knows what is the trend and I give him artistic license, just get it done.

Are the countertops in rough shape? 

@Steve Perkins all good points above.As mentioned, Indianapolis can vary greatly street by street.I buy/sell several homes in this area and own several myself.The condo's south of 42nd St are very rough and there are pockets of rough/very rough areas.Overall, if the rent is over $700 and the home is in good shape you should be fine.Please let me know if you need anymore properties in this or any other area of the Indy Metro area.  

By renting a purification system to them you would turn your lemons into lemonade.As long as there's no drug dealing, I would create a small "cigar lounge" (a room under negative pressure with a charcoal purification system) and bump up the rent.I'm a strong anti-marijuana guy but I can read the trends.

Its in decent shape but has not had substantial updating since new.

Newish borrowers can well be at 2%.It will also take a couple years to get back to a profitable stance to be in better shape, next year's bounce in income probably won't be significant, depends on how long your company has been around too, they may look at the past 3 years.

And there is a lot of constructive criticism @Bill S. and there is nothing wrong with that, but lets all not lose focus on the main thing here, which is supported in any shape size or form.