I've already got one callback from someone in the neighborhood looking to sell their house. 

We are having a trend in Chicago north side of the farther out neighborhoods 2-4 units exploding.

Focus on things that ARE knowable like, do the numbers work, am I being realistic with the rental income forecast post renovation, am I budgeting for the 2nd "R" to go over budget, and is this a desirable property in a decent neighborhood.  

I am interested in C grade neighborhoods (SFR or multifamily). 

Neighborhoods weave in and out of each other and so one street might be great to live on whereas another street might not be so great to live in.

I'm having trouble calculating ARV because this is NJ and it's not a model development, meaning this home's structure is different than most in the neighborhood. 

One of my clients from Honolulu moved up the ranks with Panko.. ended up building his first high rise in Honolulu and just went ballistic from there.. big time.. there are many niches of development.. but in the SFR or MF space most of the guys i deal with are deal makers and understand real estate contracts  entitlements and then how to finance it all. 

Purchased a Tax Lien Certificate on a vacant lot in Alabama in a neighborhood. 

It's in a great neighborhood (Thousand Oaks) and its an older home but can be rented as is. 

@Skyler Martinson1) I would probably actually fly out there in order to do the following:* Drive/walk through the neighborhoods* Meet up in person with the property manager2) HUD is involved because my tenant gets some form of government housing subsidies, my tenant actually pays a tiny portion of the rent, most of the rent is paid by HUD