Or different neighborhoods?

Description of the property1- it belongs to his parents and they are distress sellers just trying to sell2- 63 days on market3- Price- 159k, condo/townhome(HOA), 2b-1b, built-1964, 908 sq ft, 1305 sq ft lot4-  prices for similar property go from around 125k-145k5- about 40k in remodel6- they bought it in 2015 for 71kI imagine its a 'b class' neighborhood.

Very difficult to cash flow unless you go into less desirable neighborhoods.  

Your prospective buyers/renters first impression is on the neighborhood, by the time they reach your home they've already made part of their decision. 

The LA market is different where a multifam in a rough neighborhood will run you anywhere from $450k - $3MM depending on the number of units, the condition of the property, whether you're inheriting low rent tenants, and how bad the neighborhood is.

In investing in small multi family units, I always look at the neighborhood.

But buying the wrong property in the wrong neighborhood, no matter where it is, can be a huge mistake and a very costly learning experience.

Make sure you understand the neighborhood the property is in.

It’s definitely possible, but you either need  the ability/willingness to pay easily $1M+ If you want to be in a B or better neighborhood or you have to be fine with living in areas like Richmond or Oakland and rolling up your sleeves on a major value add deal.

I definitely will look a little more closely into the neighborhood as this would be a long distance rental.