You must know what you're doing and be prepared for any physical problems after you own the property.There are lots of ways to source value.  

Will dig into the rentals in close proximity to better validate the income side.  

(high taxes); but investing within close proximity to your property does have its advantages too.  

Like I said if you are able to physically go there (and you may be in FL but if there is a problem you can easily go) it could work out but it was real work and even after that work the returns were higher on B class units. 

Also, if specialized equipment has been installed or the physical environment has been modified to meet a need, and they've settled in and feel comfortable, that would be incentive to stay.

@Joe Moore - West Adams is particularly intriguing to me, as I work in downtown and Santa Monica - the proximity between both areas is great, and overall, the area looks like it has some good properties to invest in.

How close in proximity do the homes need to be?

The reason for this is in the event of any kind of registered mail or legal notice that needs to be served to your company, there needs to e a physical address and person to sign for and receive these notifications.  

Here picture below    subject house http://houston.craigslist.org/reb/4844142447.htmlhere a similar house in a close proximity i found using redfin that been upgraded and sold for 345khttps://www.redfin.com/TX/Houston/2407-Willowby-Dr...

There just a little of a drive at 3.5 hours away but when I am in town I try to meet up :)Beyond physically going out to connect, you are at a place with amazing resources!