You will most certainly want significant cash reserves in the bank to cover those expected (and unexpected) capex and opex hits when Murphy comes to visit.  

I've had a chance to speak to people in neighborhoods I was consider buying property in and surprise when they tell me of the crime in the area even though things seem nice and quiet...

@Alex CottmanI'm surprised this thread hasn't gained more traction with Atlanta investors.

As far as not renting for what you're told it will rent for, you can reduce that risk by only working with a turn key company that places the tenant before you close then you don't get any surprises. 

I don't think you should expect a lot of appreciation that far out in the suburbs but maybe I'll be wrong and you'll be pleasantly surprised. 

To find these types of deal, surprisingly you'll find them on the MLS all the time however, they probably are priced out once it hits the MLS.  

I self manage a handful so it gives my maids enough time to clean the entire premises during the same day check-in bookings ( however do not be surprised if you get multiple requests from your next guest to check in earlier).I like to make it as easy and painless as possible for my guests, so my only instructions are to lock up on the way out,  PLEASE do not forget the pool key, and have a safe flight/ travels back home. 

@Ronny Johnson - I have also been very surprised how much EC/Hammond/Gary area has changed!

Also agree with Brian on flexibility point - we ended up not even utilizing our HELOC bc we are relocating a bit unexpectedly (to San Diego!).

When calling smaller banks don't be surprised if you have to call 200 banks to find a loan that is suitable for you.