Best Way To Invest $5000 / Thoughts On My Plan

[Brianna M.]

Hello everyone! I’d love to get your advice on how to invest $5000 and hear your feedback on what I have in mind (including your opinion on the feasibility).

I'd like to find a SFR for 50K and under to buy and hold. I would need conventional or seller financing with up to 10% down. Hoping to find something that is ready to rent out (though light cosmetic work is OK). Ideal profit is at least $200 per month. My credit score is in the mid-700s.

Markets I’m considering are:

-Fort Wayne, IN

-San Antonio,TX  

-Columbus, OH

-Memphis, TN

Is this feasible? How would you approach jumping out there and getting started? Any thoughts on any of the markets listed?

Thanks in advance!