Nothing in Market meets 1% rule

[Sarah Bridges]

My husband is in the military and we are getting restationed to Okaloosa County, Fl, (Destin, Crestview, Niceville, Fort Walton Beach) area. We want to purchase our first investment property, preferably a multifamily, and house hack to build wealth. We are also open to purchasing a single family as a investment property. However, there doesn't seem to be any properties in the entire county that meet the 1% rule. We have educated ourselves, saved up cash reserves, found a real estate agent, and gotten pre-qualified for a no money down VA loan. BUT CANNOT FIND A GOOD PROPERTY TO INVEST IN. I've always been taught to only go for a property that meets the 1% rule, if not 2%. But the market is crazy. What should we do?

[Joe Villeneuve]

OK.  Now, forget the stupid 1% rule.  It tells you nothing.  Go back and look at all those properties you analyzed, and just figure out what the cash flow will be.  That's the way you measure a rental property.

What can you buy with a percentage?
What can you buy with dollars?
Which is a better number to use as a goal when analyzing a rental property?