I'm looking to get started in a long-term rental, even a perhaps a small multifamily in a B-/C+ class-ish property. 

It seems like the rate environment has finally crested for sure. 

@Rafael Ramos Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

Right now any market where 1% rule is met the properties most likely would be in C and below neighborhoods.If you are a long distance investor (like me) I would recommend staying in B class areas where tenant quality would be little better, you might have to sacrifice cash flow a little but you have better shot at appreciation. 

I only have two more Spanish classes left to complete my degree, but since they must be taken consecutively, I have extra time on my hands.

@Doug LearnardRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

@Hanzel Ana Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

We now hold it as a rental property that cashflows well with a 2.75% interest rate (got lucky with the rate environment at the time of purchase!)

Hey @Eric NielsenSomething I would recommend for you is this website. https://www.areavibes.com/Use this rating and classification system I have created over time to get an idea of the "Class" for the area - A class B class & so onHere is my rating & classification for each livability score. 80 and above A+78/79 A76/77 A-74/75 B+72/73 B70/71 B-68/69 C+66/67 C64/65 C-60/63 D59 and below F

These are clues that the area is Class C or gentrifying area, which can either go well or terribly wrong for you as an investor.