I have a zero tolerance for anyone with a child molestation conviction on their record. 

It might even get people who are smokers to move out of the projects and find a private landlord willing to tolerate smoking.

If you are a newbie, you will not believe the conditions tenants will tolerate rather than getting prompt, proper, repairs done.I just re-rented a luxury home where the prior tenant never complained during a five year tenancy about anything, and due to very unusual circumstances a thorough interim inspection was never done:Range hood inopClothes dryer inopGarbage disposal inop5 of 7 exterior area lights inop; two interior circuits inop1 of 6 toilets inop3 of 5 air conditioners inoppool sweep inop5 sets exterior french door handsets so pitted you cut your hand opening the doorsrodent infestation in atticAll this in addition to nearly a complete repaint, stripping and resealing floors that had improper products applied, replacing 4 rooms of carpet, and minor miscellaneous items.Believe me, I would have MUCH preferred to make these repairs as they occurred, paying out of the cash flow, rather than having the owner fork over nearly 20K to make it rent ready again!

When it comes to investing, less than 5 years is short term.That leaves the question - what is your tolerance for investment risk with this money?

It's all about your budget, goals, risk tolerance and expectations.

The cash flow investor with a higher risk tolerance will typically go to Baltimore, while those with a lower risk tolerance who want a nicer asset will go to DC.

@Caspar VesterIt depends on your risk tolerance. 

Each investor has different goals and a different level of risk tolerance even with comps.

If you look at it in a vacuum and remove any emotion or risk tolerance, it should simplify the question to look at each avenue for it's financial efficacy. 

Not my favorite area but it would work with a VERY good property manager and a higher risk tolerance.