Fix it up to within the range of the area. 

Some homes have gone for 130k in that neighborhood and they range from 1200 to 1400 sq.

We found a few companies here in Texas & their fees range from $850-950 per transaction.

By the way you can buy houses in south Jackson in the 30-35K range without a leaky roof.

My Robbinsdale duplex rents for $1250/unit and I bought it for $195k.As an agent & investor, I'm viewing duplexes in western suburbs (Hopkins, Crystal, Golden Valley, etc) going between $230-290k with rents in the range you listed for the 400k properties.So...yeah...to me...you are right in saying it is too high.  

I am hunting Memphis right now for a lender that will do a portfolio loan for an investor looking to buy 10 properties, hoping for that elusive 5% range rate even if its a 5 year arm.  

The value range would then be based on $9,300, at 25%= 2,318 or up to 75% being 6,954.

The only exception I found was to have a "test range" outside of a free standing gun dealership only to be used limitedly for prospective buyers to test a handgun, and then only with the larger and harder to find containers. 

During that time, what was the top two things you did with respect to your rental properties that let you sleep at night?  

If you send me some details (price range, number of bedrooms etc.)