Without the supporting data, no one can give you an honest answer.

If I owned this real estate, I would advertise it for a 6 month lease (if allowed by your state) and see what kind of response you get and if you find someone good take it.

(I think I could get this down to $4550)Advertising: 250Appliances:  1000Lawn and Grounds:  1800Miscellaneous: 500The other questions about this property that I have concerns about are that there are repairs that need to be done and I estimate the repairs to be in the range of $50000.  

I'm fairly new to the industry, but am supported by a great team at the Denver Homes Group.As a new member I look forward to contributing to the community my thoughts and experiences but am really excited to learn from the pros on BiggerPockets.

We have a great team of support staff. 

IMO if your local market does not support the numbers you want, and you want to buy out of state, then turnkey is a good option.The reason being is scale.  

You cannot advertise private offerings directly to non-accredited investors.  

Anunlimited advertising budgetB.

His property is poorly advertised with an ad on craigslist that doesn't even pop up if searching for multifamily.

Sooner or later they will leave and you will be looking for new tenants again and most applicants will complain about the smoke and move on to the next property.On the other hand, 99/100 properties are non-smoking, this may be an opportunity to take advantage of the situation and advertise to smokers who are willing too pay more to enjoy their habit.