I work with a number of investors acquiring rental homes in low-income neighborhoods such as the 33610 and 33604 zipcodes, where the majority of investor homes are rented under the HUD Section 8 program. 3-4 bedroom block homes are readily available there in the $25-50k range, bought "As-Is". A buyer may typically expect 2500-5000 repairs/improvements to make them rent-ready (as a builder you can probably do it for less), but the HUD-subsidized rental rate is typically around 1050-1200/mo for a 3-bedroom, and 1300-1450/mo for a 4-bedroom. The trick then is to find and keep a good section 8 tenant--which may be easier said than done.
If you're looking more in the Carrollwood area of North Tampa, homes will likely rent in the 1200-1500/mo range (or higher), tenants will not be section 8, and the homes will be bought in the 50-100k range. As a result cash-on-cash rental return % will be lower, but 5-yr upside appreciation potential may be greater.
If you would like to discuss further, give me a call at 813.843.1474 or email at email@example.com.
Licensed Real Estate Consultant
Keller Williams Tampa Central