It’s funny, I actually got started in a market not so different from Wynne..small-town flavor, fewer big-name franchises, but a lot of hidden gems if you know where to poke around.

I have built up enough savings to purchase a multifamily property with an FHA (3.5% down) loan or Fannie mac (5% down) loan.

Some HOA's are super strict (especially in neighborhoods built in 2010 and newer) and some have zero regulations.

Double the maintenance and capex on a 40's built home as compared to a 2010 build home and then let me know if it cashflows that much better. 

Yes, that is all correct, especially since we are in a very small town and the property location is fairly remote.

I'd recommend holding off until you've built up more funds.

I am a builder in NWA.I have given some investors opportunities to partner in builds with me.The deal structure is beneficial for investors because they get a newly built rental property for below retail price.Feel free to connect with me if it is something that would interest you.

Quote from @Sharad Bagri: Hi BP,Is it advisable to get a home warranty for older rental property  (built around the 1940s) ? 

My first divorce we worked it out amicably and in my current marriage we do not have one and would not engage in one as we built what we built together.

Because thats about how long it teams to get stuff permitted and built out there.