I stay away from the bigger cities, they tend to be bigger headaches, if you can afford and the cash flow is the same tho, I would rather be in Madison. however I dont see the cash flow being even close with Madisons high prices, dont write off some of the surrounding areas, up to an hour out of Mad Town, your interest there sounds based on where you will live, and starting out thats probably what you should do, especially if you will be self managing.

-electrical, plumbing updated, re-insulated-Central locationThe cons:-low income/disability tenants (however have been there for years and seems rent is steady)-the house was built in the early 1900’sWith a purchase price of $330k - the cash on cash returns look great, I do think it’s undervalued if going off cap rate as most multi is in the 5-6 cap range.The hard part for me is getting my head wrapped around that old of a building and the tenant profile - usually I focus on Reno’s and attracting high quality tenants....with everyone on here I’m sure some of you can shed some light on your experiences and any advice?

There are a lot of upscale areas in downtown Atlanta and certain surrounding areas.

I often look at surrounding towns, while realizing that they are larger and have more amenities.

The space is a fully enclosed and insulated garage now, so we would be building out the interior, and adding windows and doors and new stucco to the exterior.  

It may not hurt to survey tenants of the complex you are looking at or even those at the opposing complexes.From here, it appears as if you have one of two directions to go, align yourself as much as possible with the surrounding properties but by offering similar amenities at a more competitive price point, or completely differentiate yourself by offering something they don't that clientele will value more.

Appreciation could be a factor.... time will tell.I believe historically properties keep appreciating in our area (except for 2008-2010) I’m focusing in the Inland Empire close to my residence.Thing is, previous owner insulated the garage already and put carpet.

Try looking at surrounding cities.

No storage - not even in the attic, because the blown-in insulation is deeper than the joists.

Mine work 10-12 hours a day in a refinery, they just want a room to sleep in surrounded by a bunch of artwork of nude females.