I feel though, and I'm curious to hear from others who are in the same boat, that everything I've read and everything I'm learning about how to find "deals" or, at the very least, prospects (motivated sellers) is geared towards functioning in a down market.

However, I think the very modern styles causes the kitchen to lose some functionality which can be undesirable when renting...

What classification (rental, vacant, etc) do you have it insured under? 

The rest of the work would be just to bring functional items up to date (updating the kitchen, for example).

CF is a function of many things, one of the most notable - what you pay for the asset :)Good luck!

I'm not an economist....but suspect it is a function of supply of units to rent vs. demand.  

That is what RE Brokers do, facilitate the transfer of property rights, if anyone does anything to effect the same exchange, then the value can be seen as being close to what is fair and equitable for that function.

There's much easier search functions without the extra criteria that doesnt pertain to us.

The premise of depreciation is that, for a SFH, after 27.5 years the structure will be functionality obsolete and worth $0.  

Look, there is no doubt that these campaigns are successful in certain markets or with a 5 figure/month marketing budget and a fully functioning call center to handle the inbound call volume.