I would try to stay with nicer areas and higher rents. $800 and up.

If you built a triplex next door you wouldn't necessarily need to split the lot if you were looking at a build and hold scenario and you could get owner-occupied construction financing.Doing 5 or more units on the same parcel puts you into commercial loan territoryYou could however potentially split the lot and then build a four-plex next door and stay within residential loan guidelines.Construction loans in my area typically lend 60-65% loan to costYou may have enough equity in the house to be able to get that 65% financing without any cash out of pocket.If you were able to split into 10th of an acre lots you could phase the build out of 6 single family homes: BBRRBuy, Build, Refinance, RepeatGood luck!

Stayed in East Nashville with some friends on the way to this music festival in Franklin.

I know some people who stay far away away from them.

I did a little creeping on facebook and he is bragging about buying the vacant lot sight unseen and how surprised he was to find a foundation. 

Had they had better management over the years, and stayed up on maintenance, the fees probably wouldn't need to be so high now. 

I would stay away from Renters' Warehouse. 

I would want to stay away from cities that meet that kind of description and invest somewhere else.

Howdy @Bill ParkerThe whole purpose of establishing investment goals and criteria are to help you stay focused and not go down a path that you may regret later.  

Have the tenant pay for it , if they want to stay.