Cheap is not always good.

The property is a cheap 4-plex in a college town near us that is already fully rented, and the rental income surpasses the PITI, but that’s where we run into my question.

Example a cheap home that rents for 1000 might work well but your analysis from above would be a good bit different. 

You can buy something like a cheap Arlo camera system at Costco and pay for the Internet connection in one of your units.You could ask law enforcement to do routine drive-bys or safety checks.

Yes, the midwest is cheap yet compared to most of the country.

A roof is same cost on cheap and expensive buildings.

I'm in Bridgeport now because I wanted a yard and cheap parking :) There's always something to do and somewhere to eat around in River North.  

My name is Neil Beller, attorney at Law, and I represent Real Estate Sales, LLC – Flip Cheap Houses ™.In 2017 Tyreke Gardner and N’shaina Boyd made essentially the same complaint to the Better Business Bureau in New Mexico.

I tell them if I evict them, I will attempt to garnish future wages for any monies owed including the cost of the eviction and that good eviction lawyers are not cheap.  

You can save money by buying smart, but don't buy cheap/lower quality because you get what you pay for and it may cost you down the road.