Problem areas - if neighborhood is so run down it looks like a war zone, drug dealers are openly selling on the streets and prostitution is rampant - perhaps you should look for a better area.

., and a cap rate of 10%, I come out with a fully loaded ARV of $396K which seems absurd considering the neighborhood and the other apartments in the area.

Your goal should be getting the value towards the top value of the neighborhood.

3) What are some good programs (besides MLS) for locating properties, analysis, creating reports, and tracking neighborhoods?

and do I only search in the same neighborhood and how far of a radius should I search?

Plus, a major point being it is not an efficient system for keeping others out, making it very easy for other neighborhood's kids, owners' friends, etc., to use our pool all summer without signing appropriate waivers and paying the guest fees involved to help alleviate the cost of maintenance and lifeguard fees just by handing a photo of yourself to the lifeguard early in the season.

The reason I am thinking of condo/townhome as an alternative is I would buy them in a good neighborhood in downtown and so is easily rentable and probably easier to sell if I want to (based on location).

Long story short, he put bandit signs within half mile of the property that said "We sell houses in this neighborhood" And he sold the property 2 days before contract expired.

In my market (phoenix), in some price ranges, in some neighborhoods, pricing was irrationally low, and it generated some amazing deals, and garnered a lot of press a little after the music stopped.

Paul S. one important issue is getting to know the neighborhood.