The property class descriptions often include age of the property as a major factor in determining property class, can you help me understand how much this weights when applying to urban areas or small east coast towns.For example, I live in the Fingerlakes, in a small town lakefront town that attracts many tourists.   

The area will determine the type of tenants you will attract.

I don't see much risk in a busy street except I might not attract a family with young children to live there. 

(Told you, wholesaling SIMPLY IS the most attractive option for sellers, if you are transparent about it).

I know this will not work as a traditional cash wholesale deal, but would the rental income be attractive enough to a landlord looking for the monthly income? 

A solid SFR with no major repairs needed, and in move in condition, generally cost 40K-59K and will get you into a decent enough area to  attract a quality tenant.  

Anyways to attract guarantors to this deal?

You really have to drive street by street to see what kind of tenants you will attract. 

MDI is a major tourist attraction. 

Because they know those properties aren't always the nicest, they often aren't in the best neighborhoods, and they ultimately wouldn't want to live there either.What can make or break your investment is the quality of tenant(s) you attract and put in the property.