Most people refer to the proximity of certain stores, crime, and high-performing schools.

All those are high growth areas, but might have significantly different price ranges.What is your budget?

I contacted a local realtor and could probably sell for 410k on the high side fully furnished.

If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing.

The prospects for appreciation are limited (probably below the inflation rate), your tenant pool sucks to manage from out of state, your risk is high because you don't know what the heck you're doing - none of us did on the first go; that's not personal - and your flippant verbiage is treating this more like trading stocks than buying property. 

Below are the key data points:- Gross Rental Income: $118K (I received the rent roll list from agent)- Effective Gross Income: $112K (I'm assuming a 5% vacancy factor)- NOI: $56K (I'm assuming 50% Operating Expenses - inclusive of 10% property mgmt costs, repairs & maintenance and CapEx reserves)- Recommended PP: $623K (Market CAP rate is at ~8%; I used 9% because I want the Cash on Cash return to be 10%+ with a 30% DP at 7.2% interest rate and 30 yrs term)- The asking price is $1.25M.

Extremely high taxes and maintenance costs plagued by huge inventory sitting in the market. 

The borrower would then refinance within 6-12 months, repaying $440,000 (including a 10% return), allowing the lender to earn $40,000.

However, the area it is in is high demand and rents are accordingly high.

For those who tell you the only way to wholesale today is to do it with PPC, I would say that's highly incorrect.