Though I also see the benefit in new construction, it could appeal to tenants who can pay more and the building will likely not need much or any work for several years.Those other updates are good ideas too, and not overly expensive, like adding mini-splits, convert to gas (though I hear that natural gas is falling out of favor now due to gas emissions and the environment), or connecting to public sewer (though I've been looking at a lot of urban and suburban buildings that are already connected).

If materials cost the same or more in a small town and labor is similar to slightly cheaper you have an environment that will lead to long-term deterioration. 

Do we need to get a Environment Clearance certificate before buying a Mobile Home?

For this current environment, if you can find something that yields an average COC of 5-6%, 8% Preferred (accrues), 70/30 split, 2.0x multiple, 15+ IRR, with a hold of 5 to 6 years, that is pretty good. 

We're entering an environment (about a year or 2 out?) 

I don’t know man, I love long term holds and equity pay down but even 500/mo—which is great—isn’t going to equal the TAX EXEMPT sale of your condo for 20 years, never mind assessments, tax increases etc.Feels like getting a chunk of cash in an environment where a savings account gets you 5% (coincidentally about the same 6K a year) gives you a lot more investment options, increases your safety net, and makes your life less stressful at a time where that’s valuable.

As such, the city's economic stability could provide a favorable environment for your first investment.Birmingham, Alabama: Birmingham offers a good rental demand, affordable property prices, and a relatively favorable rent-to-price ratio.

Any suggestions you have on finding a good deal properties closer to the city  especially in this environment of skyrocketing interest rate and the market closer to city being so competitive on offers? 

However, in this environment with shrkining inventories, don't expect banks to let the process go on very long. 

People think the current environment is unique.It is but it isn't.Rock bottom interest rates turned every wannabe real estate investor into a real estate "investor".