I can say the college area has many many apartment buildings at low prices so they would be your competition.

And thus I focused primarily on properties I could make into Class B+ or Class A.  700-1000 for a 2 bedroom, 1250-1500 for a 3 bedroom, I also tried to keep rents at levels that are realistic instead of fantastic moonshot projections.I never felt my rentals were ever going to be massive cash cows, as I generate around 0.85-0.9% of my portfolio cost in monthly gross rent, but I am happy with it and as are my tenants. 

Your upgrades may not be worth a whole lot if the rest of the comps are low, unfortunately.

Check out Brandon Turners book on investing in real estate with low and no money down.

I have 2 condos with low HOA monthlys.

We do not like the low income to moderate income areas regardless of cap rate as they tend to have less expendable income in an economic downturn and are hit hardest the most.   

My ideal criteria includes: 1,200 - 1,500 sqft, 3 bed, 2 bath, garage (contingent on elevation), and bullet proof.I have seen some listings for somewhat odd and overgrown parcels of land selling low where the numbers might work quite well.

Level 2 River White Granite and Venetian Gold Granite are two other options I'm looking at...The home is a rental property which I'll either move back into or sell in 2-5 years.Above - Agreeable Gray wall w/ floor tileView of the kitchen (these are the old cabinets which I'm using until the new cabinet installation)Another view of the kitchen (before the recessed lighting install)...you can see where the island is going to go.Thanks!

Jllcollinsnh.com is an awesome place to start for a really high level overview.

Please let me know if you know of any parks that will take a low/no down and owner financing.