I mean by adding one bedroom to a previously existing 2 bedroom and adding one bath I have successfuly turned a $150,000.00 home into a $300K plus home several times so in my case it did prove to be profitable  but timing is everything and so is location.

With the location on the edge of an improving and re-developing downtown, does that increase the value of these proposed new homes despite the existing ones?

Casey I would be glad to help you locate and put together offers on properties in the Philadelphia area.

We obtained tap fee estimates for $45k for water and $45k for sewer)Inspection Period Deadline: Oct 8Closing Deadline: Oct 15Assignment Fee: $50,000Earnest Deposit: $11,000MSA: Fayetteville MSA (376k population; $111k median home price; 13% vacant housing; $1,100 3-bed apartment rents)Located less than 10 miles from two Walmart Supercenters, a Walmart Distribution Center, and is near McDonald’s (0.1 miles), Food Lion Grocery Store (0.1 miles), Gray’s Creek High School (4.9 miles), and Cape Fear Valley Medical Center (11.0 miles).

Granted, there might not be deals in every location I mentioned, but just for scenarios sake, where would someone recommend I look?

From the reading it sounds like you will be moving to another location and renting out this house.

I'm located a few hours from Birmingham and I agree with you - there's still a lot of opportunity across the Southeast US.

It's more like half of that.If you were to find a property with a .7% rent ratio and a 4% cap rate, would you make an exception because it's a prime location, if the gross rent covers expenses?

So what we do have is their driver's licenses and SSNs for all 4, one employer (military base), cell numbers for 3 of the tenants as well as a number to a new business the step father started (I saw the number on his car; no actual location or address exists for this new business that they likely operate from their mobile).Thank you for the suggestion on the collection service and for all your feedback. 

@Jose Pena you'll likely have to have it set up in the state where the property is located.