As a example you would not rent to a young family in a upper unit duplex.

Smith -  It may come down to the occupancy level (owners vs renters) in your particular complex, and the state of the HOA (do they have healthy reserves).  

What are absorption levels for inventory in the immediate area? 

Here's how I think about it:A class: White collar/upper-upper middle class, higher-end finishes, very safe neighborhoods, good schools.

Jaysen, I have no intention of doing the work myself, haven't built up my builder skills to that level yet.

at that level its a hobby business like @Joe Splitrock says.. decent CPA that does a lot of real estate work.PM is the most absolute critical aspect of out of area rental investing hands downand when you have time you may want to find a local handyman in the markets your in and have them on speed dial.. and negotiate in your lease that you can do your own handyman work. this will save you a bunch. some PM's may allow it others may not. 

Overall layout and function of bathroomFlooring:  Condition, function, appropriate for room (e.g. waterproof easily cleanable in kitchen/bath), level, or not, soft or 'mushy' feeling, which may indicate a mold, foundation, or underfloor failing condition. 

Purchase price: $124,000 Cash invested: $36,000 4-plex purchased with 2 upper units (3-1 and 1-1) currently rented.

Since then I have stabilized my income, and stress levels, and finally ready to jump in. 

I have several other multi-families that I own and maintain to a high level.