When you get to more 8,9,10 or more properties it may not be the best fit at the current time. 

I will also be touring the neighborhood to get a feel for it but I'm sure it'll be in a Class C Area.It is well centralized.

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.