If your goal is to buy and hold for a long time, you need to consider factors other than just cash flow, like appreciation. 

You're going to need a far greater return to justify the risk and hassle factor on this one. 

Approximately 30% of this area is made up of vacant lots, creating a prime opportunity for real estate development.Griffin Modern is taking full advantage of this landscape, acquiring lots for under $10k and developing homes targeted at young, first-time buyers as well as investors.

I know your cost of living May be higher than mine was (I live in Virginia), but the skills you develop from this will be extremely useful in many ways. 

For distressed properties, focus on markets with growing job sectors, good schools, and lower crime rates, as these factors drive rental demand and long-term growth.

I'm currently developing a project in Western MA and still looking in Central/Southern VT.  

Always approach as a developer with a specific usage.

To evaluate Real esteate deals for creative financing, start by identifying seller motivations i.e. financial distress, desire for passive income, do they need a downpayment on their next house, etc  and property factors like equity or existing financing terms.

I still cash flow positive but I have held onto this home more for appreciation - it's in a nice suburb with great schools and lots of development. 

The big distinguishing factor between Rockwall proper and Royse City is school district.