Just start with what you can afford to start with and be patient.

I suggest that you use the 3 to six months to learn your new market, and to view as many properties as you can get into (such as open houses, and using a patient or newer Realtor who can walk you through things to look for). 

For any upgrades, only do what is needed for safety and to ensure you are complying with your state's landlord-tenant laws (i.e., making it habitable).

Just be patient and don't rush things.

Be patient and consistent.

Be patient.

This is a safety factor on top of the elevation that FEMA says is the 100 year floodplain.  

Be conservative in your estimate of ARV...the pool of buyers is still very limited in this neighborhood due to crime and safety...if you decide to push ahead, your potential buyers may be limited to singles and couples without kids.  

First look at that. 2nd, I never allow tenants to perform work at or on the properties for safety and legal reasons.Have it done by a professional who has a license and insured, plus you get a warranty on their work. 

I think I've become more focused on buying properties with a margin of safety as I've gotten older.