Doing fix and flips requires a lot of knowledge and that is knowledge that can be gained by experience, but it can be painful knowledge to gain and there is a lot of risk in doing rehabs without experience in REI.  

Still we're two blocks away from city hall, but can't take chances.

But generally what this usually boils down to is price and an appraiser may not be the best person to base your price from, particularly if he used comps more than a few blocks away. 

By maintaining relationships with similar investors in my market, I believe I will be able to gain better perspective on the market and potentially buy/sell properties to the other over time (especially if they are an older investor).I lived very close to Germantown for 5 years, it is definitely block-by-block as to which areas are nicer and which are rough.

I have seen metal baseboards but it looks like a huge pain to install and 1x6 finger joint pine is rather inexpensive from a lumber yard (not home depot).

Oh, as to condition and location...the 4plex and houses are the nicest on their blocks.

I've done solo and syndicated while being the sole lead and both were painfully hard and a lot of effort. 

@Chris Egan It's in the 48th and Q area, a few blocks east of the Ashland Park-Robbins school

If the unit has good air flow, such as you would find with a forced air HVAC system, it will lessen the chance of moisture build up.If the tenant had blocked the sliding glass door and surrounding area with excessive furniture, boxes, or clutter, then that could lead to moisture getting trapped.

Live on the West side, invest on the NE, avoid using I-10 (when it gets jammed it's a pain) it's better to go TransMountain.