I know, it may sound ridiculous but there is a ton if science and work that goes into designing every city area so things actually work.

As Zillow (and Redfin) collects and aggregates sales data I think they have much more data now to analyze - and they have the ability to analyze all that info - and come up with a more accurate sales price (for an "average condition" property) better than an appraiser or real estate agent could (especially in locations that are more populated and have more sales data).If you're renovating though, specifically looking for ARV, I would trust a good real estate agent more than I would Zillow/Redfin because "condition" is a data point Zillow simply can't analyze (remodeled kitchen/baths, master suite, modern updates, style/condition of flooring).

Also know that there are a lot of modern PM options that are more in the 10-15% fee range (as opposed to 30%).  

.* Strong rent/price ratios* Low property taxes and insurance rates* Growing populations and jobs* Modern, diverse economies* Landlord friendly lawsPersonally, I think that Indianapolis and Kansas City has a good combination of the above criteria.

Is a gentrifying shift coming to the city, because i see a lot of modern renovated townhouses literally right next to a boarded up house.

Indy is not only a good cash flow market but has strong economic and demographic fundamentals such as growing population, jobs and  modern, diverse industry whereas St Louis and Birmingham are pretty stagnant.

Yet certainly not rocket science.- Purchasing and working non-performing notes, which Gail is expert in.- Purchasing foreclosures (steep learning curve, very high risk and competition). - Fix and flip.- Wholesaling.Keep in mind you'll also go a lot quicker if your frugal and smart in the rest of your endeavors.

There are surely some real pros out there who have made it into more of a science than a gamble but they are buying in quantity with the knowledge that some will turn out to be losers. 

So, if you tell the appraiser that you plan to rehab the property and made it modern they can work with that.

Not sure if city / county code laws do not allow for the homes to be modernized with materials such as fiber cement board / hardi board panels.