Advice for me building my rental real estate portfolio

[Kevin Lanphear]

I’m seeking some advice regarding my early stages of building my rental real estate portfolio. I’m currently 33 and live in north metro atlanta. About to close on my first investment property in late January and will have around $50k cash available left to purchase a second and third property under $200k purchase price each.

Here’s a summary rundown of my first property specs and finance-

Property #1 - $233k purchase price. 20% down payment. 30yr fixed conventional loan with 3.125% interest rate. single family new construction. 4bed 2.5 bath 2038 sqft home on a 1200sqft culdesac lot. Closing in late Jan 2021. Mortgage payment (PITI) will be just under $1100. Rent will be around $1750-1800. Property management company will be Mynd for $159/mo. Net cash on cash roi around 11% if my math is correct ;).

Wondering what I should look for or do for the second and third properties...

Look for TWO ready to move in homes, minimal to zero renovations. Then just rent them out shooting for same net cash on cash roi?

Or find ONE BRRRR property that uses up all my cash but allows me to do cash out refinance to then do the third?

Or find ONE duplex with minimal to zero renovations needed and rent them out meeting the same net cash on cash roi criteria?

I’m totally open for out of state or whatever meets my numbers and doesn’t eat up all my cash, since after my third house i may be all out of cash until i wait a year or so to do a cash out refinance on my first or second property to then allow me to buy the fourth and then fifth...and so on...

Any advice would be great, thanks!