@Grant NashI don't think you're missing anything, it's very tough to make a BRRRR work right now.  

As others said, as a new graduate in a tough employment market, you go where the best job is and figure the rest out.

just a note of caution that 'cash flow' is really, really tough anywhere right now, even in the 'lower cost' markets you listed. 

I tried to raise money for them and of course the investors well we cant buy those they dont CASH FLOW well it was a tough time to raise money..

Hello,Bergen, Essex, Hudson, and Morris are some of the most expensive counties in NJ; investing less than 500K would be tough. 

One thing about BP you will get both sides of the coin.. the good and why you should do it and the bad or cautionary tales along with tough Love.

Right now, it can probably go for $700,000.Summer renting is tough, because people know that the heat is no joke, and it doesn't seem like there is much demand during the summer months.My elementary math is telling me that I can earn 1.82% on my $700K.

Working/hiring workers from 3+ hours away can be challenging.

Working/hiring workers from 3+ hours away can be challenging.

The village was originally just worker housing for all of the servants and businesses that served the Biltmore, and over time became a trendy & fancy little town just outside the gates.