I spent the last weekend walking my target neighborhoods in Granada, looking at pisos and found nothing close to this good of a return.

"hi, I drove by your property the other day and wanted to know...." or "I saw your ad"...or "I am looking for properties to buy in your neighborhood and saw ...." .

You’ll need a preapproval to submit with your offer for most sellers.For your own peace of mind, it is the neighborhood mostly residential, mixed use similar to this one or mostly commercial?

I do own properties in some C/C- neighborhoods in other states where similar issue with tenants not keeping up with rents at times.I actually use Real Property Management to manage my properties in Sugarland and Richmond areas of Houston. 

i manage several multifamily in that neighborhood and area give me a call if you want more info

A collection of freestanding condos in my neighborhood, Butternut Condos (featured in this old WW article: https://www.wweek.com/portland/article-23993-hotel-california.html), is zoned CM1.

Are these properties in Class D neighborhoods? 

That's a good thing, but it's not like the neighborhood is improving and the rent is increasing.It's a lot of cashflow, and a lot of headache. 

I came across a SFH that fits my metrics as far as buy and hold.

So glad you've discovered Bigger Pockets early in your real estate investing journey...sounds like you've already developed a great plan to break into real estate in ATL.A few tips that may be helpful to you here on the BP website:You can set up keyword alerts so anytime someone posts about Atlanta or any of the specific neighborhoods you're evaluating, you'll be notified.