I probably can get 1500-1800 per month rent for a 3 bedroom, 2 bath (appx 1200 square feet) and can build for 174,500.

There will also likely be condo fees. 

I agree with Collin.The Smokies do have a lot of competition, so you need to have a view, decent location, good to great amenities etc to stand out.We have a 6-bedroom cabin there, but I imagine a 3 to 4 bedroom would be in the sweet spot of not too big or not too small.

While metrics like square footage or price per square foot matter, the number of bedrooms, bathrooms, and overall location are often more critical for attracting tenants.Engaging a property manager early on can save you from costly mistakes and help you invest in properties that perform well in the rental market.

I would like to see if I can make a small profit, and I want diversification with maybe a 4 plex, or multiple SFH/Condos.

@Felicia JenkinsAlso, Padsplit will want you to eliminate any dining room, den, etc to add more bedrooms. 

Each housing authority (HA) provides a voucher amount determined by bedroom and some further define it by zip code or city within their covered area.

Meanwhile, gross rents of $1,800+ for 3-bedroom single-families is an achievable figure, so it’s possible to generate cash flow if you lever modestly.There’s a bunch of other stuff that’s worth highlighting—the economy, demographics, neighborhoods, new construction, and more.

We sold a 2 bedroom condo in San Diego that would rent for about $2K (my daughter lived in one room, exchange students paid $1K/mo) and were able to buy 3 homes in Coos County via 1031.   

Purchase price: $145,000 Cash invested: $60,000 Fully renovated 4-5 bedroom ranch on 3.3 acres.