The area is low income, but high traffic and investors are actively converting homes into small multifamily units.  

Do they intentionally appraise values low?

However the math is simple… run an amortization calculator see what the taxes & Mort payment are, and then know what a flat in that area rents for, With that said here is 2 typical examples of Albany propertiesNew Scotland area 2 family’s run around 220k, 6k taxes, 1k insurance payment would be around 1570 a month, typical rentals would be around 1300Washington ave areas 2 family will run around 140, 3500 in taxes, 1k insurance would be about 1000 a month, with rentals being around 1000 a month.So you pretty much can break even in the not as good areas, grab a roommate or 2 and you’re really cash flowing.But don’t forget about the big savings of the low down payment and locked in low interest rate when you plan on exiting in 2-3 years

Brandon's book on no or low money down investing would help a lot if you don't have much funds.

Hi Lenna Mau  I'm an agent in Bullhead City Az area and just wondered if listings are down this summer in your area, my area is at an all time low.

The entry level market is very reasonable and taxes are low there.

Mailer response rates are always low (1-5%), so it is a high probability that the owner never responds to your letter.

$5,000 purchase price, I do come across properties that low but they will need a lot of repairs at that price that's what they don't understand.

THis appraisal is low - the comps were horrible, the selling agent just didnt fight it or help the seller in any way, and we simply 'waited' till timing was critical for the seller. 

So the line item for makeready, or painting if broken down that way, may be very low or not even there.