The city's appreciation, vacancy rate, cap rates are truly unparalleled when compared to the other markets you’ve mentioned.

Manteca, Fresno and Turlock were mentioned to me. 

I seem to recall a prior post where you mentioned Grand as your southern border, so what's your western border?

I am not familiar with Horn Lake and the economic conditions you mentioned as a CON, but if you already have those concerns, on top of a large rehab, which typically don't shrink as you get started, and being OOS and needing a PM team, you may want to consider other options as you get started. 

Similar to what Becca mentioned, if you can hold the home for long enough it will appreciate.

When I asked what did he think the rates would go down to, he mentioned possibly 6.5% but we decided to wait.

You also mentioned fundamentals.

Not to mention the inital product costs to begin with.....and even though I had no labor install costs since I did it myself....it was still pretty costly.

I argue that a Prenup is FANTASTIC for 2 reasons I never hear mentioned about them: (A) It forces the very adult, and realistic consideration of a reality that things may not go as planned.

However, this introduces a level of risk to the equation because now, as has been mentioned, instead of going to $0, you could end up negative big time!