We could get into an entirely different conversation on the topic of absentee landlords...some of whom are good, and some not so good (and that's true for local landlords, as well). My attitude is that if a property is for sale, it's just as available to someone local as someone distant. The ideal buyer is someone local who will actually live in the property, and some properties have been greatly improved by just that type of buyer. The worst thing is vacant, abandoned buildings. I don't discriminate for or against buyers.
I charge 750, I kind of doubt your client who bought that house, section 8 or not is really enjoying their tenancy. Incidentally...If Bernard wants to come up from the Bronx and live here and take care of his low income property...power to him, if not, stay in the Bronx, we have enough absentee landlords!
I sold a 3-unit in Rome a couple years ago to an investor, one unit of which could be rented for professional use. They paid about $160K. It is a gorgeous building. The supply of professionals is smaller than the supply of regular people looking for a place to live. This building is not cash flowing, and is again for sale.
It makes a difference if you are local to the property or whether you are an absentee landlord. An absentee landlord really needs someone local to keep an eye on things, rent the vacancies, deal with tenant issues and arrange for needed repairs. This increases their costs.