He since fixed some of the issues and one of his employees has been driving it around (I used to live down the street from him).Probably not very interesting, but the only items of note that weren't just junk.

It hits a hundred million and people are lined up down the street.

Here are my thoughts on the properties you are inquiring about and college rentals in general:Ralland: these are in a less desirable neighborhood and @Dylan Vargas is right, someone would need to come in and purcahse and renovate the entire street for these to hold much value. 

Though you won't be able to get another FHA loan down the street, you can only have one unless you change jobs & location because of it, I believe.

Last night I looked at a huge home in East Colfax on Poplar street that started a few months back asking 600k and now is back on the market for 499.

So 123 Apple Valley Road (the one you just sold), buys their 1031 as 789 main street LLC (the only member is 122 Apple Valley Road and mainstreet LLC does not file a tax return).  123 LLC would also buy to complete the 1031, 654 Oyster Ave(another disregarded LLC where 123 is the only member and Oyster does not file it's own tax return).This will still be a little awkward for you as 123 LLC (the S corp) owns 789 LLC and 654 LLC. 

Fortunately we own 2 other properties on the street so I know the area well. 

So property is mixed use on a busy street with 2 storefronts and 2nd floor with 2 apartments generating about $45,000 net income after all expenses.

Ideally, we would like to start off with a nice quad, off street parking that has a good cash flow, even if the cost is higher.

You can find the meetup group at http://meetu.ps/c/2YtJp/yXdhy/f .The ROI I referred to takes into consideration everything - needed rehab as a start and on going fixes (although on going fixes are hard to predict as are much depend the property itself and can be vary year over year).I started using other Israeli veteran investor who had the needed knowledge, connections, and team in Pittsburgh, only after gaining some experience and milage using his help I started on my own.Pittsburgh is difficult to invest without knowing exactly what you are doing, as there can be huge differences between two adjacent streets in the same neighbourhood.