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

I rarely had terrible experiences with tenants as most of them are quality and even slightly high maintenance, but in a strange way, I am happy about that they care. 

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.

The phone calls/maintenance are not the concern.

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.

You Paid ALL CASH so your ROI is low.

I’m a relatively new investor and looking to the BP community (which is great) to help me navigate my most recent lesson and potential actions.Let me explain.Just over a month ago I bought my second rental property, a duplex in a nice part of town.The property lacked general maintenance and was one of the reason’s I was interested in the property in hopes to force some equity.