Although tourism comes and goes with economic cycles, it is likely that the rental demand will continue to keep the college town a solid bet.

In my opinion, (only formed from what I've read, not based on experience) your best bet is to identify emerging markets and invest there.

If you want to yield double digit returns, investing in real estate is your safest bet.

Now, was Wall  Street to blame, Yes.Were lenders and loan officers to blame, Yes.Were borrowers who had no income, jobs, and horrible credit history to blame for taking out loans that they had no possible way of paying back, you bet.  

That is so much safer to DO than flipping houses.

Seminole Heights/Tampa Heights is probably your best bet.

As an aside I would be willing to bet that many of the successful investors on BP don't need the MLS but use their networks to find deals.  

Also, if you're going to be holding this property and renting it, replacing the wiring might be a cost you don't really want to cough up, but from your description sounds like it would result in a much safer property, and far fewer tenant complaints/problems.

However, one of the tenants stays home during the day so I'm betting she will want it warm all the time.

I realize it is a risk to be a long distance LL but it may be your best bet for low entry price point and high ROI.