I would think it would rent well in the 1,350-1,450 range, above that it will be tougher.

Do you have a preferred type of property and price range you're looking for in general (knowing the costs can be different based on they market)?

@Robert Quiroz I think all of the factors you have listed might contribute.So I’m not going to comment on that but I am going to comment on an assumption you made.If 85% of rents are below market on deals you underwrite then those contract rents are probably THE market rent.You can’t just go based upon area median income to rent ratio.First off urban areas are oftentimes street by street, block by block.

I don't see much waterfront in that price range of 650k or under.

There is the inconvenience factor but it might be cheaper for you and your friends as well.

And what is your price range on the purchase price?

I’m currently targeting properties in the $200K–$500K range, depending on the location and potential cash flow.

Broker fees are also in the 10-20% range not $500 which makes a little bit of a difference.I do it all out here as an agent, lender, and investor so I see every angle.

I’m a first-timer, so bear with me if I sound a little clueless – I’m still figuring it all out.Here’s the scoop: I’m looking to purchase a long-term rental property within the $300-350k budget range.

Cash Payment: Decide whether you'll finance the purchase or pay in full.Future Resale Value: Factor in potential appreciation of the property.2.