One of the properties is about 90% rent ready and just needs a few cosmetic repairs.

Hi Amy,That’s exciting—congrats on getting ready to buy your first property!

If I could find a duplex that sells at that number and is rent-ready, I'd actually be pretty close to 2%.The problem is that if I inverted my analysis and said, "Hey - this hits the 1% rule!"

Quote from @Stepan Hedz: Quote from @Sam DiNicola: My neighbor is ready to sell his home.

In general, DSCR loans will require the property to be either leased or at least "Rent Ready". 

However, having both a DSCR and fix and flip lender at the ready who is fine with rural properties will be key. 

There's more to it than that, but have that ready when you speak to lenders. 

I was not ready due to limited capital.

These regions offer affordable prices for most investors, with homes that are turnkey—either newly constructed or fully renovated, tenant-ready, and with systems that still have 10+ years of life remaining.

You may have to do make ready paint/carpet or other repairs.