I let the newbies and the poorer people tangle with the less desirable properties.

The investor must decide the desired cap rate and CoC return and whatever other metric he wants to use to decide the price at which he wants to acquire the property.

Look man, I understand your desire to change the perspective on those parts of town.  

Is it just a matter of finding a desirable area and being patient?

The reason its cheap is becuase its in lease desired location, but I could afford and the cash flow potantially is great. 

I desire to learn, to listen, to grow and in time contribute my time to others like myself who may need a hand up.Thank you for your advice and for reading my letter.God BlessSincerelyDaniel

Here are the details on the house:The Good-Located in Hunterdon County NJ in a desirable town/school district-2 bed/1 bath-Attached 1 car garage-1/4 acre lot-fenced back yard-Hardwood floors-Central air, newer oil furnace/wood furnace-30 year roof put on 7 years ago-450 SF of finished space in basement, carpeted with built-ins-Full perimeter foundation drains and two sump pumps (basement has never seen a drop of water)-New gas stove, dishwasher, and laundry machinesThe Bad-Mortgage balance is about $222K @ 6.125% - House was appraised last month at $220K-Current PITI is $2345/month-$1495 Principle and interest-$615 Property tax (Taxes are very high here)-$60 Insurance-$175 Private Mortgage Insurance-Normal rent for my area on a 2 bed/1 bath is only about $1000 a monthDo I have options here?

Desirable neighborhood. 

Putting in offer on a desirable property.  

Hit the one that is open and make it as desirable as possible and not worry bout the other side for a while.