Buying new construction to rent?

[Marielyn Oliver]

Hello

I'm investor in the making. I have been looking for around 2 months for a good deal where I can buy and rent out. I live in Charleston,SC and the market is super hot right now. Basically, nothing stays for over 2-3 days. My 1st problem is that most of the winner offers, are people offering way more over the asking price. I am pre-approved with FHA loan. My intention is to buy a 2 o 3 bedrooms house and rent 1 or 2 rooms and after the 1st year, rent the whole house. (I also looked into duplex and the prices are ridiculous high from 800k to 1M. My 2nd issue is that when I do the math or analyze the properties I can't make the 1% rule. For example, a 2bed 2bath is around 225k to 245k, and even when rent is high as well, I can maybe rent the whole house to $1800 (and that's high). Which make me explore the option to get into a new construction (2bed 2 1/2 bath) for $260k. And do the same (rent a room for 1 year and look to rent the whole townhouse after 12 month), but still I'll not make the 1% rule. Any ideas? I'm so eager to start with my first property but I'm not sure how. I also thought about getting a conventional loan, but I don't have the cash to do that down payment. Although I'm still trying to save as much money as I can. Thanks in advance for your input.