For me is probably more covid fear than rational math, but we all have to operate within our comfort zone.

Look for portfolio lenders if they don't resell to secondary market they usually have more flexibility or unique loan programs.

The reality is that just about every premier, secondary and tertiary market has pockets and neighborhoods where you can find appreciation.  

The math is simple though... take what you need to monthly to provide for FI (add a little buffer), and divide by your average cashflow per door. 

Another thing worth noting about Edmonton is that we are suffering from "urban sprawl" and to fight this the city changed the zoning bylaws last year to allow secondary suites in nearly every property and even 3 suites per property on most lots.

I'd say a good estimate ~$2k, but with the number of bank properties on the market, these could be purchased on the secondary market much, much cheaper.

Birmingham, Atlanta, Indianapolis, St Louis, Kansas City, Memphis, Little Rock, Indianapolis, Greenville, Jacksonville, Tampa, Houston, San Antonio, Little Rock, Milwaukee, Cincinnati, Dayton, Cleveland, Ohio, or other secondary or tertiary markets.

Then depending on what utils tenant pays, the FMR gets reduced by the utility allowance.I have a MSEE and the math they use is confusing as all heck.  

Do the math and see how much you can give him in return.

I just updated the math.