We would spend weekends snaking neighborhoods and looking for open houses (because agents would try to double end the listing and they'd have open houses before listing the property on the MLS).

As long as you follow proper screening protocol, you should be just fine.I've had terrible tenants in affluent neighborhoods and excellent tenants in not-so-affluent neighborhoods. 

There's about 500 houses in the neighborhood. 

Usually, I would use 5% for a better unit mix, 10% if the property were in a worse neighborhood.

From a post online at WJCT - In a very good neighborhood. 

I will suggest this.... get in front of multiple lenders, ask for any grants that may be available, or other programs that might offer down payment assistance... usually for certain neighborhoods the city/county is trying to spur investment within. 

He also only does section 8 because they pay the highest rents in the neighborhoods he buys in.There isn't  a wrong way to do it but I guarantee every way isn't right for every person and their situation.

The market rent in my neighborhood in Greenwood is about $1600 for my house (my neighbor rents a smaller house for $1600).

There is also a daycare on the NW corner so at least you'd have some activity nearby most of the day.We use a property manager, but I still stick to neighborhoods I would be comfortable going to on foot after 10 p.m. if I had to collect rent/fix something etc.

If that is the intention, then the deal again, seems a bit risky by the fact that it could become that "sour apple in the neighborhood".