And I don't know what the cap rates are in the area for SFRs, but I did a quick Redfin search for a small multi-family home in the area that's turnkey: https://www.redfin.com/VA/Richmond/1622-N-31st-St-23223/home.... 

Got to know about this group through "The Book on Rental Property Investing".

Hello, my name is Jeremy, and I am a new real estate investor and property manager, with a growing presence in the industry.

Lawton definitely has its reputation, and you're right about the single-industry concern and the high crime perception, which makes it counterintuitive for many investors.

It was around the corner from the main box, so I just stuck up a little note for a while that said "mail addressed to unit B should go in the box around the corner".

Start-up expenses like the ones you mentioned can’t be fully deducted in the year they’re incurred.

Is the walkout directly to the backyard or up out of a Bilco door?

There is a billboard on site with lease in place. 2.5 acres total with outdoor parking and room for expansion.

Utilizing the years of experience from the people on the forums will allow me to talk intelligently with a realtor, the property manager, the seller, and so forth.  

Look at the trailing 12 month's expenses on the seller's operating statement.