If the existing is old wood siding coated with lead-based paint (all oft eh 3" reveal siding I've ever seen had lead-based paint on it), then the cost of the job will be higher.I've seen many buildings with stucco over old wood siding where the windows and doors just do not look right, so details matter.

So if I get repeated calls from neighbors about noise or parties, it becomes a management issue and charge $25 for taking a call and giving notice to the tenants to correct such neighborly conduct, if they don't pay it with the rent, then they are in default and that can lead to eviction.

If you've got video chops look into that, too.

You say several things that lead me to think you should not buy any house right now and should not buy this house in particular.

Direct mail marketing to absentee owners, probate leads, divorce leads, NOD lists, NTS lists, etc.

What ever hat you might wear in a N/P circle you need to be viewed as the expert in your area to command respect of other participants and have the ability to lead them in the direction needed to accomplish the mission.

Should I send a bulk of 1000 handwritten yellow letters to lists of divorce, probates, and inheritance leads and probates?

Google PPC is a quick way to get leads as well, but you need to have a site that will convert well.

I have a list of expired leads I got from an agent.

some good related reading:http://www.biggerpockets.com/forums/52/topics/73627-setting-rent-price-for-section-8http://www.biggerpockets.com/forums/52/topics/62388-section-8-basicsThe adjustment to market rent is what would concern me, since the Housing Authority will make these adjustments periodically, and that could lead to a reduction in your expected rents.