If exterior is in bad shape and roof, windows, parking lot, main water line, tree root issues pop up that could add thousands per door to the property.When you use high debt service on vacant properties you want a fast lease up.

If you have a game plan and a niche and understand what you are doing, you will be in much better shape.  

I found a property on craigslist that is 2.2 acres with two small houses that are in rough shape.  

The repairs weren't too bad, and the property was overall in good shape (roof, HVAC good) but a bunch of little maintenance things and exterior paint.Each unit was 3 bedrooms, 1 bath, about 1200-1300 square feet each and were very clean.  

But after a few months of searching and analyzing deals, we noticed a trend with MFH's in Houston Tx.

As for Zestimate, I'd say if I knew nothing else about a city it could tell me the trends in neighborhoods--this one is higher than that one, etc.

I know I can get 900-1000 for a 2 bedroom in decent shape but CMHC suggest around 840.

Yes, some properties could have no commercial value; swampland, un-buildable lots, odd shaped lots to small to do anything with, houses that need more in repair than the property would be worth when fixed up.

Another upwardly-trending jobs report will come out tomorrow.

But to have a castle overlooking the city in this shape and price I know was deal. if you can find me more like this I would buy them.