The direct to sponsor model that bypasses a layer of fees tends to attract higher quality folks.  

Our property is in a good school district and a decent neighborhood, so I believe we can attract quality tenants otherwise.We've considered the idea of putting of fencing down the middle of the back yard or something similar.

The cheaper $100k property might be in a less appealing area with a lower quality of tenants, and high tenant turnover or missed rent payments could affect your ROI outlook.Personally, regarding the situation above, I would take the deal that is a little less ROI, but gives you better security on your investment.

I've seen low quality properties trade at low cap rates.  

To give you a sense of quality, below are some pics of kitchens and baths of recent remodels. 

Depending on the quality of materials the pricing will vary but we were quoted $180K from one contractor and $400K from another.

There has to be a happy medium where both parties are making money and you're getting a quality job done out of the deal.

The goal is buy-n-hold (5-7yrs) until amatorized then move onto higher quality properties closer to the Fredrick area. 

I would do a lot of research on tenant quality and the risks of having bad ones!

I'm coming to the forums for a referral because I'm looking for a quality accountant who can work with my for years to come as my real estate portfolio grows.Thanks!