A conservative IRR of 5 to 7% is very reasonable but there will be wide variation years after years of the yearly yield.

You may find the Memphis market has more in that price range.

If this is the average condition for a home in that price range, it will call for further discussion.

I agree with everyone above referencing the buyer pool and what the buyer wants, well in some price ranges in the markets that surround me, a buyer may have to settle for a busier road or they may not get the opportunity to purchase their first/second house.

-Price range: 350K-500K.

Stove, Fridge, MW, DW, Range Hood (If any), etc.

I have searched far and wide in BP and Google and while reviews may be helpful, no one has given a solid recommendation aside from few on the forum.

PM fees should be more in the 10-12% range.

The suggested immediate repairs are in the $30k range. 

Combined with a brokerage account such as one from Etrade, they have access to a wide range of investment options although sometimes representatives at brokerage firms misunderstand the flexibility of these plans.