But if it's a safe, respectable and working class neighborhood that is expected to stay as such, I'll likely opt to refi and raise the rents. 

Pick a solid B-Class suburban area.

@Derek LarsonI use a credit card for each property and then the bookkeeper knows what class to put it under in QuickBooks- no spreadsheets just Quickbooks and credit cards. 

Fortunately it did teach me how to find good deals and from that was able to buy several rental houses in C class areas. 

Where we live, $100k annual income is upper middle class.

Mix between middle and high class 3% (or so) unemployment rate!

We get them once in a while, but not often in our property class. 

The houses next door are beat up c class.

Most of it is for multifamily apartments but these ratings flow into single family rentals too.A class = 0-10 years old, luxury apartment class, full amenities, great neighborhood, schools, etc.B class = 11-25 years old, several amenities, well maintained, good neighborhood and schools. 

You don't have the temperament for out of state C class investing my dude.