Low cost + high rent/value ratio.My market of Middle TN doesn't have any livable property for that price and the 1% rule isn't very realistic. 

-OOS investors in HCOL areas will buy properties that look good on paper without doing enough due diligence and then get crushed by capex and deferred maintenance.

I have some clients who prefer to have a PM for maintenance/contact/rent collection/general management and will place tenants and write leases for themselves in exchange for a reduced rate.  

@Ben CallahanRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

@Daniel GrantzRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

You only need a place to track tenant information, payment history, maintenance, etc.

With that low interest rate, you will have paid down a lot of equity in the deal and should be able to finance with a bank.

Low cost housing is a huge motivator to change behavior and keep their housing voucher. 

I'll only add when talking to brokers have a "buy box" defined and research commercial deals to understand it as best you can before you have your first meeting or your broker contact will likely consider you to be a low-chance buyer and not take you seriously.

The low down payment house hack is the way to go.