If the violations took place prior to purchase, I would at least give them written notice that you are aware of the previous violations and that just one under your watch would result in an eviction.in the meantime, I would shop for new insurance and pass the increase on to the tenant.

I would like to do some research on other rental properties before I set my priceComputer algorithms are good for studying a general market, maybe even a neighborhood, but they are terrible for evaluating a specific rental.

I'm 53, married with 2 kids less than 17 years old with debt only from purchases on credit cards and my home.

I do have the land for sale as well if someone is interested in purchasing, but I would rather work together to develop it.

Let's assume the financials in the package are good for a moment (they probably are not) AND that you either do not or do achieve the broker's pro forma:If you purchase this asset, achieve ONLY the 'current' NOI, grow NOI 2% per year, and exit at a 5% cap at the end of Year 6, you will have a 4.8% unlevered IRR. 

I’ve isolated these three markets as they’re all within driving distance from my home and seem to fit my budget of $100K-$200K for purchase price.

You can find something in Durham and parts of Raleigh, specifically zips 27610, 27603, and parts of 27604 that would meet your criteria, however generally speaking most of the inventory that would fit what you are looking for in Raleigh or Durham would likely be in neighborhoods that I personally wouldn't want to invest in, C- to D type neighborhoods.

Specifically, where are the opportunities and how do you spot them? 

The latest red flag is his belief he purchased a "fully renovated" property in Philadelphia for $115K.

Purchase price: $120,000 Cash invested: $150,000 Dilapidated house.