Detroit espeically.. and in Texas to non english speakers I read years ago that the state of TX did a study of LO deals, largely done in the Rio Grande Valley, and they found that not a single person ended up owning the property they got.the LO for.

When you have studied your market properly you should be able to provide the answer of if single family or residential multifamily is better for cash flow. 1% rule was for a time when almost all deals were decent as a way to rule out the lessor deals and concentrate on the best deals.

In addition to other tax strategies like a cost segregation study on the fully rented out house.

Quote from @Aaron Zimmerman: I would look for other ways to legally reduce income such as cost segregation studies.

The unique format of this event, which consists of high-level education, gamified networking, mastermind breakout sessions, case studies, group deal analysis, market deep dives, and peer-to-peer coaching facilitation makes this the most impactful local real estate investor group a real estate investor can be a part of.The foundation of the group is built around the belief that everyone in the room has the potential to change the world… however most of us never have the time, energy or financial situation to even dare to dream big enough.

Tenants in many markets already believe they pay too much (contrary to recent studies that show rent to property values have never been lower for the large US cities).If my insurance costs are not double my current rates over the next couple years, I will be pleasantly surprised.  

Since you're so close to Loyola and not too far from Northwestern, I imagine you might have a pool of people who need temporary furnished housing while they study, do a medical rotation, or travel in the medical industry.

Study the market.

Study the market.

you might say something like, "I’ve been studying Austin and Denver for rental properties and have a $200,000 price limit—what are the pros and cons of both markets?"