I purchased this c. 1875 building in September from a slumlord for $520,000 ($43K/unit) and began what I knew would be a serious overhaul to double rents from $700/unit/month to the going market Class B+ apartment rate of $1300/unit/month. 5 months and $250K of rehab expenditures later, the building is completely re-wired and the 12 renovated units are tenanted at rents meeting my projections.

Pick a solid B-Class suburban area.

What class of neighborhood would you consider this?

Pick a solid B-Class suburban area.

Seasoned investors are going to look at a retail property or other assets classes and as part of DD look at what is reasonable as a history for a property and how to validate the credibility of rents and others components of a lease.

That allowed him to do college classes for his last 2 years of high school.

Lots of business moving in is creating the needs for B class rentals.

I self manage (for now)  owner had the property for 20 years, didnt manage it well, no one is screened properly. my wife and I must occupy the property so one must go. this is a class C community. inspection shows the systems and roof of the home to be in good shape. what would you do?

But if it's a safe, respectable and working class neighborhood that is expected to stay as such, I'll likely opt to refi and raise the rents. 

Pick a solid B-Class suburban area.