I am not sure what companies are quoting you, but you should shop more.Make sure to have the location of where is showing the cracks so you can get a more accurate repair estimation.I have some contractors that I can recommend.

New construction properties can qualify for significant insurance discounts, but otherwise, I generally expect insurance in this area to run a little over 1% of the property’s value if it’s in decent condition.Feel free to DM me if you’d like a good insurance contact to shop around for a better rate.

(The Black Friday sale on the Bigger Pockets bookstore was where I did my own Christmas shopping so my family knew what to ‘buy’ for me!).

And then you could take your time shopping for long term financing once you own the property.

Ideally, I would’ve bought closer to Huntsville or Madison, but the rent-to-price ratios just didn’t work for cash flow in those areas.This property is a 2,100-square-foot, 4-bedroom, 2-bath new build in a really good school district, which is what sold me on it.

Property taxes are 2% instead of 1% for landlords as a general rule (some districts may  be slightly higher). 

Right now we're shopping around for loans outside of traditional lenders. 

Our team here at CrestCore is dedicated to working with the out of state investor and have the team in place to make us a "one stop shop" for everything you could need to build a portfolio here in Memphis.  

The home is in a B class neighborhood, in a good school district, and walking distance to parks.

I pay attention to local amenities like shops, parks, and restaurants, because they make the area more appealing to tenants.