If anything we can call this practice : )Property is a side by side all brick duplex, newer windows and roof.  2bed1bath 800 sq ft separate basements and all utilities are in the tenant's name.  

Flipping provides a short term gain, which typically people use to get started in rentals or some other form of passive income.

So here is my case for So Cal:- Advantages of local including expertise, cost to get to property, able to self-manage if desired (typically ~10%).

I would avoid the City of Detroit as many banks will not finance homes due to the lack of reliable public and utility services. 

Another downside is some students are entitled and/or not as independent as the typical renter - thus you must account for them contacting you more often if you decide to self-manage.  

Adele,Have you accounted for the utilities paid by owner like water/sewer/trash and capital expenditures %, management%, and vacancy rate?  

This typically leads to an over conservative view for realtors.

This typically is investors.

You are typically not going to find wholesale deals on the MLS.  

Learn the streets, the average rents, the typical purchase price, and demographics.