@Jon S.Not that it changes an particular conclusions, but it does remind me of this article from NREI that came out today: Good Property Managers Can Prosper Whatever the Cycle.Not too surprisingly, good management is what is typically lacking on the institutional side.

Enjoy as you prosper.....

I believe real estate is my ticket to prosperity and helping get me out of the 9-5 while controling my own destiny.

Success always starts w/removing the limitations public school & society put on us, then we delve in, thrive & prosper.

Wealthy people prosper, and create jobs for others.

We targeted Mableton because it is in Cobb County, a county that is economically prosperous and friendly to landlords.

Higher exit cap means lower real estate prices, and since we came out of a decade of prosperity, it’s only reasonable to assume that the market will not be as strong when you sell in a few years, and hence cap rates will expand, as real estate prices go down.

You can prosper in this economy while others suffer—but only if you take matters into your own hands and stop waiting for someone to save you.

just a suggestion.but this could be a situation were you keep your 4k liquid so you have reserves etc.go ahead and get one of those on line loans  like prosper etc that tend to have lower rates than CC .get enough so you can for sure make it habitable but do keep in mind refinancing with that low of loan is very hard to near impossible.so make sure you keep powder dry to pay for the payments and upkeep of the property. 

I'm sure we all know there are some bad areas there, but what are the chances it becomes prosperous in the near-mid term future?