Another upside is that they are profitable for property owners (although that's a downside for renters and people who want to buy a vacation home for personal use).Am I criticizing you for doing this?

I am eager to understand:The nuances of different neighborhoods and their respective investment potentialsThe challenges and rewards you've encountered in this marketYour experiences with local teams (agents, property managers, contractors, etc.) you've worked withAny key lessons learned and strategies that have worked well for youI would also greatly appreciate insights on potential pitfalls or critical issues I should be aware of as I consider investing in this market.My ultimate aim is to make an informed decision and hopefully start a rewarding journey in real estate investing.

The tenant relationship is even more critical with low income, otherwise you'll get the terrible tenants who will wreck your cash flow.

I have a critical path that maps out the entire predevelopment process and the budget & cash flow that goes to fund it.Let me know how to get a copy to you if you’d like one.

The Reserve Funding Plan is critical to understand the likelihood of future Special Assessment or significant monthly fee increases that will destroy your cash flow.If you are not familiar, check for a local chapter of the Community Association Institute.

I strongly agree with and echo the other comments on here, however, that location in Worcester is critical.  

It is critical to hold all applicants to the same standard...do not "give in" because they "seem like nice people".

Knowing construction and building codes are critical to building credibility. 

Also work towards finding a reputable contractor as you are aware this is critical.

The critical factor is your comment about appreciation.