Indianapolis or Jacksonville for turnkey Investment

[Tanveer Ahmed]

I am completely new in real estate. I talked with an investment company and they said I can buy an old house or cheap house ( single family 3 bed, 1 bath or 2 bed, 1 bath ) for 20k- 30k and do a rehab( Jacksonville, FL or Indianapolis, IN).These homes will not have so much of an equity. May be 5% or less. So, the summary of our discussion: The total cost including acquisition and rehab will be around 40k to 50 K. After that, I can rent it out for $700 dollar. After all expenses including PM cost, TAX, Insurance, Vacancy, Repair I can have a take home cash flow of 60% of the rent which is around $400-$420 a month. Assuming there is no mortgage and buy all with cash.

So, here is my questions.

1. Is this a good way to approach for the first time investor? 

2. Which state is better for getting this cheap rental property and less risky? Indianapolis or Jacksonville, FL?

3. How can I compare different states for investment, including vacancy rate, crime rate, and demographics data of a place?

4. How do I know the agents or realtor giving me all the authentic information?