@David Roberts With the metrics you've listed, you're better off going with properties in the lower-end of Northeast, DC maybe Deanwood or near that area, I've looked at Baltimore in that price range and the rents are better in DC when dealing with the same class of property and/or renters.

@Craig Peterson People with not a lot of time who like the higher returns, cash flow, tax benefits, debt pay down, appreciation, and control, but don't want to do a rehab.It's true the returns are lower this way but you don't have to spend a lot of time looking for off market deals, you don't have to go through extensive renovations and tenant turnover, and you have cash flow from the beginning. 

In most cases, especially lower income areas, the presence of hardwood would likely go unappreciated and it may make more sense to preserve that wonderful vintage material and actually cover it with another type of flooring (I've been using Trafficmaster Allure in my units, which I'm obsessed with) until it comes time you decide to sell the property and then expose the old wood, refinish, and use it as a marketing point to the next possible owner( think about how "rare" and "desirable" that same flooring might be after another 20-30 years if preserved). 

Reducing the price will lower your loan financing and lower your monthly payment - if you are financing. 

Then the appraisal comes in lower than you hoped. 

@Roland Brown As someone who has done both turnkey and BRRRR at a distance, I can tell you that the latter is much more capital intensive, riskier, and stressful. 

We want to do a complete tear down and would be renting out a duplex for around $900/BR, most likely to college kids or lower middle/middle class workers in downtown Charleston, SC. 

After about two months, we have already netted over 500$ with a drastically lowered price (in order to attract more bookings and build a solid reputation).  

Has anyone tried using Kensington Research and Recovery services to lower your property taxes?

I have also run into loan issues for lower priced properties.