There is a definite slowing trend. 

Keep in mind that you'll want to connect with a good contractor that will not be paying retail pricing and shouldn't be charging you retail pricing for the rehab.3) Regarding the contractor, contact several and make sure to get a few bids before selecting a contractor to do the work.4) Try to connect with a good realtor in the area that can give you hard numbers for your analysis, I don't use "Zestimates" for my rental projections, I use prior 12 month rents for trending and current rent listing actuals in the area of my projects.

If the units are in good shape and are B properties, you should be OK.

You know your market better than I do, so I'd run the numbers on as many of those potential properties as you can, and if you see a trend in ROI, you may be on to something.  

If the locks you took off are still in good shape, just install them at another address.  

Put in vacancy rate at 10% although the neighborhood trends lower.I also estimated expenses as follows:Insurance $1,000.00Taxes $3,300.00Property Mgmt 10% $1,728.00Maintenance $1,000.00Advertising $300.00Utilities $2,000.00Total Expenses $9,328.00 After all that I'm coming out with a cash flow of ~$3800, Cap rate of 10%, and ROI of 17%.Am I missing anything?  

If the locks are still in good shape just use them at another address.  

Brian, If the roof is still in good shape (doubtful) you don't need to do have to do anything.  

If you raise rent 50% of the difference each year, you'll be trending with market rent but also rewarding long term tenants.Any idea how much the garage space is worth, compared to storage, parking, other comparable units with or without a garage?

Interesting topic, but as ugly as the debt ratio may be, I think we are fine as we are still in much better shape than other countries in relative terms.