The second consideration is that students or rather their parents are willing to pay for the newer nicer properties with more amenities.

Also seen the opposite where decent lot, decent price, looked clean, but when I got there must have been $100,000 in cleanup needed with all kind of trash and junk on that lot.I've never been to Harris county auction, but from what I understand they have multiple auctions and maybe even different locations depending on the precinct, so know where to go if you can.At one time there was a lady that would offer orientations at Harris county maybe 1 hour before the auction starts.When you are ready to bid, know how to pay. 

The lease signer would pay you monthly like a typical renter.

The property will still cash flow with the extra cost of these expenses. 

The owner at the time spiraled into dimentia, and his son wanted a quick sell to help pay for his home care.

The only thing was, got a break from the seller when on purchase, prices went up like crazy, so after 15 years, 1031 the property into another.Talking about tenants in their 70's, I looked at a property here some years back, rent controlled, tenant is paying $98.00/month on a unit where the market rent was $800.00, and the tenant at the time was 90.

Property B Assume the loan with 4-5% interest rate, pay difference in equity $70k and pocket 300-400 in cash flow every month.

And if the amount isn't too large they can either keep the note outside the exchange and pay some tax on it as boot doing a partial 1031 exchange. 

With conventional, you can just drop the MI when you have the equity- you might have to pay a few hundred bucks for an appraisal. 

However, you pay for it.