This is because I'm concerned that even though the things in the house I can see look great things like the electrical, plumbing, or the foundation may need major repair if not immediately relatively soon. 

You'd learn and potentially earn a profit at exit.Another way is to wholesale the land.

What this implies to the typical RE investor is obtaining significant cash flow is a big challenge right now and relying on other RE profit sources (such as a value add and not doing a value subtract) may be a more certain path of generating returns.  

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Whether it’s developing new housing complexes or refurbishing existing ones for higher-end rentals, the opportunities for capitalizing on this growth are vast.The decision by Anduril Industries to set up shop in Columbus is a game-changer, signaling a major shift in the city's economic landscape that savvy investors should not overlook.

I spend majority of my time in central and North Jersey.  

Major metros pose certain challenges, as everyone has heard. 

Because your second year is likely (oops, I did it again) to show a net profit instead of net loss.

Also, for me 30+ bookings tend to be less profitable even though there are less vacancies.  

The history of New Haven and Hartford lead me to believe that these major cities could make a comeback in the next 10-20 years.