All,I am looking to understand the markets where the land is fairly cheap and rental demand is good.

I have 2 easy and cheap suggestions.1.

I would track down the owner then if they are agreeable to signing the property over or selling it cheap, then have an attorney do a title search to make sure there are now major issue with the title search.Just my 2 cents.

You can get into stuff for super cheap now with MFHA down payment assistance.A good realtor and good lender are worth their weight in gold.

That, coupled with cheap money, has depressed cap rates severely in the MFH markets all across the country.  

When I called the owner she kept talking of what a mess it was and how it needed work so maybe she'll come in cheap!

***Only exception is if an owner has plan & funds to reposition Class D to Class C or higher.https://www.biggerpockets.com/forums/776/topics/960183-what-they-dont-tell-you-about-cheap-rental-properties?

Are they hiring dirt cheap and then marking up the price like you are paying a full time pro?

I invest strictly for cash flow and buy CHEAP homes all the time.

I started to study the Kansas City market, and although I found the older neighborhoods charming (and dirt cheap), with their small town America feel and huge lots, many of the schools have terrible ratings, with the basic test scores in the pits, and bullying and disrespect for teachers rampant (tho that's pretty standard now).