I might even be so bold as state we are transitioning - at least with our student rentals - towards a lifestyle services provider.One internal trend we were discussing just yesterday is that we now {partially} furnish approximately 50% of our student rentals.  

So if you find a house on off market (through marketing, mailers , signs ect) and you look at nearby similar houses and say they sell for $100k in good shape. 

The house is in a good neighborhood, good shape and does not need much rehab work.

You can take a look at what is under the carpet that way.Habitat for Humanity often has old wood flooring in decent shape.

But now, they have flattened out and I expect that future prices will trend back to normal (3-4%) annual increases moving forward. 

I look for trends and days on market.

There is a 3bed/2.5 bath townhouse for sale in outer SE Portland for sale (probably would be considered a "C" neighborhood but is hip and property values trending up) that I could house hack with an FHA loan and live for only about 200 bucks a month excluding repairs and vacancies (the rental market is hot and the property was built in 2007 so I am only including P&I, MIP, taxes and insurance in this equation; property has no HOA dues).

It was in decent shape with long time tenants in each of the three units.  

It is in great shape (built 2002) and I believe I will get at least $1450 a month but hope to get $1600-$1700.

.- There are a large number of vacancies in the area, - Rents are not meeting the 1% rule- House values are trending down- I could not identify any improvements to the area that would encourage job growth/attract new families.Example:123 Concord Ave, Enterprise, AL 36330My calculations show that this would work if the seller would take around 85,000 due to the state of the market.