This is one of my last mental hurdles before I dive head first into the exciting world of income properties!

We have also toyed with the idea of moving to a warmer state (for health reasons) so maybe finding a real estate environment that is more tenable?

Since this would be my first investment deal, I feel I'm missing something, and want to know what to be on the lookout for.Here's the facts:6 family home in a b/c class neighborhood, with a lower than average crime rate100% occupiedRenovated 4 years ago Population is steady, jobs are mostly in health care and warehousing/distributionBuilding is older (1890's in a neighborhood mostly built in 1940's)County is about 100,000 peopleLocated right in the center of townI recognize the property may be worth less because of its age, but certainly not 40-50% less, especially when it was renovated a few years ago.

Often, we go into a new venture with a mental image of how things should go.

Pivot to new reality.. dont let herd mentality make you jump on a deal that was good numbers 2 years ago.. so it takes some discipline . 

Health, Happiness & Blessings!

The neighbors next door are not my tenants- in this case do I need to take action to reduce the smell of the smoke since my tenants are claiming it is causing health side effects?

It's a different mentality and is the reason why property can sit vacant for so long or REO's sit on the market sometimes.Lenders aren't in a hurry these days to fire sale their REOs.

One of my favorite places on earth and it will be destroyed by the same mentality. 

@Charles Romano It is not the interior maintenance what you need to be concern in a HOA's  as a top priority but the financial health of the HOA community.