My property manager calls me on Monday morning to let me know that one of my rentals was being condemned by neighborhood code. 

I have found a property for $295k in a nice neighborhood with an ARV of $385k the seller acquired through adverse possession.

Here's what it looks like:Purchase price = $300kRental income = 4 x 1bd/1ba @ $500 , 2 x 2bd/1ba @ $650 = $3300, seller thinks  1bd's can go up to $700 and market research supports that Taxes = $200/monthEstimated expenses = 1300/month (10% each for vacancy, CAPEX, and repairs and $200/month for insurance)NOI = $23k at lower rents, $33k at higher rentsCash flow = $500 at lower rents, $1300 at high rentsThe property is in a C neighborhood that is gentrifying.

I think that just changed recently with the new zoning because there are a lot of existing duplexes and multi families in the neighborhood.

Don't buy in the roughest neighborhood in the urban core.

anything multifamily and 10 cap is getting difficult outside of terrible neighborhoods. 

. $45,000 of the average person's gross pay.Facts are, unless a realtor is walking neighborhoods, knocking on doors to find a seller, the agent that is most likely to sell a property in the Buyer's Agent and they're all looking at the same menu of homes that thousands of realtors and consumers access directly of indirectly.  

I am also in a C+ neighborhood so doing a total update wasn't necessary.

Takes less cash up front and lets you spread your risk between several neighborhoods.

In the very back portion of the yard, there was more water that drained from part of the neighborhood into our back yard.