30K to get started in the Raleigh/Durham area

[Danny Kaminsky]

Hey BP community!

I have $30,000 set aside for real estate investing, and I grew up in Chapel Hill and would like to stay in the area for at least a little while, so I’ve been thinking of buying a single family home here. My general plan is 200k or so for a house that doesn’t need major work, put down 10% with traditional financing and live there for a little while, and have 10k left for minor repairs and cash reserves, with the intention of renting the house out at some point in the near future. I probably won’t have much if any cash flow, but I believe in the appreciation in the area. Am I totally off-base? Should I be looking at a different asset class or area?

Thanks so much!