I buy based on how much $$$ in pocket I get each month vs. hassle and risk, and also if the asset value can be improved for a reasonable expense.

Overall though, Hammond has been making improvements and I like the direction it's going in.

I refinanced my primary mortgage to pay cash ($40k) for the house and will have put about $60k of improvements into it when I am finished.

What are some ideas you can think of that can improve that creates win win outcomes for everyone before the late payments, damages, and evictions? 

I suggest viewing any open house, in your target market, get as much info from the List agent about what the Seller improved, how they came up with the value.

You still get natural market appreciation over time and you can raise rents slowly, improve the property, and those things all increase the sale value (assuming the market is in a similar state).  

The only reason to stray from this would be if significant improvements are made to the property that affect the actual value. 

The areas that he/she will be improving are 1) revenue, 2) expenses, and 3) vacancy rates.

It’s also likely that the repairs amount will exceed the ARV.ARV: roughly $60-$70K Should I buy and hold this in hopes that the area improves? 

And once it is complete then do a refinance and use the proceeds to take out the original note and pay your improvement fund back.