I am also negotiating a "Subject to" property with one of my existing clients.If you can get legs on the PM company (get to 200 to 300 units quickly), you should be able to have enough cash flow to be able to fund your purchases.If I were to do anything over, I would have quit my engineering job sooner and started in property management.  

Going to those places will help you stay in your budget and cash flow better too - with property management built in.The hard part with the smaller towns is that they don't always have the big property management setups so thats where you'd have to do some leg work to find ones that do.And you might be able to do bigger str towns or even cities in that price range. 

That 1990-2000s home might be reaching the last leg of all it's cap ex items.Lastly, in HCOL cities, house hacking may give you the opportunity to live in an area to enhance your quality of life.

If you are marketing your property as kid or dog friendly, buy things that coincide with that like high chair, kids plates, cups, silverware, kid games, and maybe some kid proofing like outlet covers.

Cheap curtains hung up on the first floor, a welcome mat, lights on a timer, battery operated fake candles on a timer, big size 11 men's shoes and big men's jacket hung by the front door, two empty dog bowls, a tie out in the back yard (for a dog), fan on a timer, foldable table and chairs with a tablecloth and centerpiece, and radio playing on a timer.  

Others are Mr Howell and his deck chair with the drink with the umbrella in it in the shade . 

With your design experience you definitely have a leg up to flip, but the Asheville market is pretty steamy hot.

There are also multiple dry rotted boards where the legs of our chairs / shoe heels have gone through."

String lights, fire pit, grill and some chairs go a long way and look great when lit up in night-time photos. 

Wide doorways to accommodate walkers and wheel chairs, a floating sink in the bathroom, a walk in shower, grab bars, etc.