If I properly vet a tenant and have a good screening process in place, is it a wise to invest in lower income neighborhoods? 

The size of the house is pretty decent but it is a lot of work.  

If it's a decent sized multifamily and if you haven't raised the rent 50% in the past three years, but basically maintained them then I would probably use some equity to buy another well cash flowing property.

None of my properties do, and the capital tied up in them continues to perform just fine.That said, it's more difficult to find a property locally where the free cash flow is better than, say, the dividend income thrown off by investing in a Blue Chip dividend mutual fund.If you're looking at small Multifamily properties locally and want a first pass "rule," I suggest using a GRM target of 12-14 as a first screen, assuming you're looking for a property that will throw off free cash flow with a 70% leveraged mortgage.If you want to more than basic long term buy it and hold it, you can do it.  

I would still recommend running credit, criminal and eviction and being specific about your screening criteria.  

At this point, I'm not even sure what size facility to build.

@Mehreen ShehdadIt is impossible to answer the question as the amount of the HOA dues are specific to the complex and in most instances the size of the unit within that complex

Anthony, I don't think there is a standard "one size fits all" way to get started.

Given the evictions, I would definitely screen very thoroughly and check everything.  

I would call the lesser qualified tenant and tell her that you had received the other very strong application first and see if she still wants to risk her cash in the screening process.I often may receive several applications in a day and run the screening that evening.