Of course, your specific block may be higher or lower.

I think the ability for the lower cost places in the midwest to 'cash flow' has been way, way overstated.If you know a market well though, that's definitely an advantage.

We are looking into houses on the lower end of the scale at first to get started for a "low risk" (we could pay mortgage out of pocket no problem even if property is vacant for 30 years) house that will give us the experience we need as rental home landlords - and I am looking down the road at potential investment ideas to keep this thing rolling.

I'd much prefer to put $60K on a down payment and closing costs so I have $50K to fix it up.So a couple of questions: 1) Am I mistaken in thinking those kind of lower down payment products are out there for regular folks like us? 

Buildium is also one you could use and I think they have a lower minimum door count. 

Expect, to only get about 8% (or lower) of the properties you buy redeemed.If you pay close attention to the type of property, and do research to protect your interests, the percentage does jump up to about 30%-50% on the properties eligible for two year redemption.

Value add ( do you want to do reno/raise rents), or stabilized (income producing, lower maintenance). 

The lower rate decreases my monthly expenses, increases cash flow, or gives me a higher LTV.Increasing Rents with Co-Living:I have changed my rental strategy to Co-Living (rent by the room).

That may lower your closing costs, but most lenders have minimums (usually $65K or more) for what they’ll lend. 

I started looking a bit into Rochester which has a way lower price point for multi families and single families but obviously I would be unable to house hack as it is 5 hours away from NYC which I will not be commuting lol.