DC has a couple neighborhoods with them like Trinidad, but it's very hard to compete for the few available.The way to go if you are intent on it is maybe focusing on a property in Montgomery County Md where you can put a basement apartment in.

From what I've seen, the average self-managing homeowner simply cannot compete with professional managers. 

As posters have mentioned, they've done well with the long term play (buying for equity and appreciation), but I'm a short term player, I'm going for cash flow (because I don't currently have a job I like and want to stay in).Best of luck,JTM

He's honest and competent.

Expect to settle around $15K.You may have to look into getting a hard money or construction loan to get the property quickly and compete with cash offers, assuming the numbers work.Good Luck.

He's done great work for tons of people I know.That said, I've got another local lender (Rosemarie Fair at Brighton Mortgage) that is looking for deals like yours.Please send me a private message and I'll share her info with you so you can get a competing quote.

Ask him what home warranty company he uses then google it for reviews along with all the major players.  

The property itself is sharing a parking lot with a McDonalds and we have non-compete agreement with them as well, covering food and beverage sales.  

Finding a place at 75% ARV will also be difficult - when these deals do come up, almost all the bids in will be cash bids and would make it very hard for you to compete.

If a landlord can not find a good replacement tenant in a normal market when the departing tenant gives two months notice the landlord is not competent enough to manage their responsibilities.