My own view is that cheaper properties reflect poor historical appreciation and that the expenses will be a higher percentage of the income.- Any of the higher regulation areas I would not have on my list.   

This does not reflect net population or percentage gain. 

Tenant's stove, as in, the tenant brought her own stove, which was reflected in her lower rent.

At a minimum, it reflects revenue credibility to underwriters especially when they have flexible criteria for their loan products. 

Often when you get a high quote like that I reflect back to an old friend of mine who was a contractor in the Atlanta area who told me if he did not want the job he would throw out a high bid hoping they would find someone else but if not, he simply made twice what he usually woudl and took the job. 

In addition to that, when looking at listings on Zillow, Realtor, etc, rarely do you have an indication if that tax value reflects a homestead exemption or not, which you as investors would not be able to take advantage of

Stating that just because the schools are lower and income in the area is lower does not exactly reflect to poor tenants.

Those properties will sell for significantly more than SFR's without ADU's (six figures more), and then appraisers can base their valuations on actual comps that more appropriately reflect the market value.In the meantime, BRRRR may be difficult to achieve. 

@Jacob Walls this may not help much TODAY, but for long term purposes if you end up investing quite a bit... name it something the reflects the intended purpose of the business that owns it. 

The 9-year period in that REO property not only allowed me to reflect, heal, and learn, but also offered me the financial ability to move forward.