Sounds like a good plan, should have plenty of options available.I would be cognizant of any group you talk with on two areas, the location of the property including any potential concerns of it being 'rural', as well as the minimum purchase price and/or minimum loan amounts.

Each potential buyer has come to their own conclusion that it would be too much hassle and risk to manage in this fashion vs a traditional rental even though the average cap rate in our area has been half that at best.

BRRRR with a bang: If you can pull this off, the value-add potential is huge.

$500k would be enough to go out and buy something else leveraged that would potentially get you a better return.

You are best off to raise the rent and give the tenant the option to stay.Also, I hear a lot on here that "rents should be", "the potential rents are"... make sure that you do your due diligence when calculating potential rents because most new owner OVER estimate them.

That's why there's a lot of appreciation potential here and cashflow.

Property should go for a premium just on that potential.  

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

I recommend reaching out to the builders directly to negotiate any potential arrangements.

I have seen some properties on MLS that I contact my realtor and they may know right away the reason it isn't selling from showing it previously, or they can review the realtor comments that aren't viewable by the public on MLS.Other potential reasons I have seen properties listed on MLS for a long time. 1) Some investors may not be comfortable inheriting existing tenants.2) It may be it is a class C neighborhood. 3) Structural issues.