The quality of life: access to outdoors, public transportation, and an increasingly well known foodie/beer/wine city is what is attracting these people.

Visual/External improvement need to happen right away to increase the appeal of the property and attract higher quality renters: Landscaping, Power/pressure washing the exterior.

I know $40 cash flow isn't attractive but before I was adding $500 on top of rent to make mortgage payment.

Other than that you can canvass the neighborhood and talk to renters in other properties, Craig's List, Local print media other websites and last but not least is a huge sign giving some free rent to attract potential renters.

Advantages: The entire area is new development, so there is no run down areas or neighborhoods; the complex has a club house and a pool, which is attractive to tenets; the HOA covers all of the outside maintainence; they are building a campus extension of a local university; close to interstate;  plans for business development in the area are extensive.  

I want to keep the colors of paint and singles very common and timeless as possible to attract tenants and allow for good resale when the time comes.

I would have the realtor present at the table and I would have the Realtor's 3% available to be paid.Many Realtors will make an installment sale look not attractive.Here are steps I take to make installment sales attractive.3 columns1.

Gang war zones like Englewood attract high crime and poverty.

I see this position being especially attractive in hyper-competitive markets where deals are difficult to come by.But I maintain the abundance mentality is ultimately more fruitful. 

Unless you're hoping to attract outside investors you won't need a formal plan, anyway.On the flip side, writing an informal plan can give your efforts focus and help you be more certain of what you're doing, but don't let that keep you from starting if you've got the rest of the pieces waiting to get put together.