Suggestions on first BRRR numbers

[Justin Kay]

I'm in the planning stage on my second real estate investment, and I'm thinking about doing a BRRR SFH buy & hold. What would you suggest as a first good strategy to implement for someone's first BRRR?

1. Location - close to home, within an hour or two, or long distance?

2. Home type - any particular specifics on Br/Ba to target?

3. Home price (pre-repairs) - would you target a low purchase price home (in the $50-80k range), a mid purchase price home (in the $150-300k range), or a higher purchase price home ($350k+)?

4. How much in repairs would you suggest taking on - simple reno of $10-15k, more involved reno and some larger repairs of $20-40k, or a whole overhaul of $60k+?

5. Any particular cash flow you'd suggest targeting, or anything that's positive?

I know most of these answers will be more "it depends on the deal," like if I can get a $50k home and put $20k into it and have an ARV of $110k with rent at $1.5k in a quickly growing neighborhood, obviously that's better than a $140k home with $10k repairs and an ARV of $155k with rent at $1.5k in a stagnant market. But just looking at some basics on what most would suggest are decent parameters for someone's first BRRR deal.