Small town feel close to urban areas.The issues are very few jobs, not many commute to Vancouver/Portland, the water quality has issues, school and hospital quality is poor, HIGH poverty rates, and a general apathy about improving/changing the city.  

Tenants are normally of higher quality.

Quality builds as well, high taxes, but great infrastructure throughout the city - with even offerings of shopping, medical facilities, and highway access.

The new porch could bring in $100 more a month, or just improve the quality of tenants you get and net you $0 a month.

The quality and pricing of rentals seems to be reflexed accordingly. 

Sq footage, # beds/baths, age of home, single/multifamily, style of home, quality of area)2) Are there specific types of financing that are advantageous for people using this strategy?

I think it does audio also.

Rentals are one area where the little guy can still compete with the mega corps and large apt complexes, often winning over some choice tenants with personal service, flexible terms, and small touches...Just a few ways, off the top of my head, that I think we can gain a competitive advantage over more rigidly run large complexes (though all markets vary, so these are based on my experiences)....) flexible terms (I offer a six month or one year lease; of course, most six month folks renew, but some like the flexibility; some large complexes are "one year or nothing" in my market..)) new mats (inside and out of the doors; bath, even runners or area rugs in high traffic area for vinyl plank flooring)...while they add some "wow factor" and look like gifts, there is self interest at work here, however, as the matting greatly reduces wear and tear on my flooring.) pets on approval ( I have some of the best behaved canine tenants imaginable, and their high quality tenant owners stay long term, are respectful, and pay well,yet are often shunned by many "no pets" larger places)) small (tax deductible) $20 gift card at holidays ..

Give me a call if you'd like any help in looking for quality flip material in the greater Sarasota market. 

In addition, the quality of PM companies can be pretty bad (just as in any market), and the language & cultural barrier can be a real challenge in you managing them.