LTRs with long term conventional financing and standard management aren't really cash flowing anywhere right now. sure, there are lower cost markets that look better on paper, but there are costs associated with those supposedly cheap markets as well - deferred maintenance, more challenging tenant base, higher cost turnovers as a percentage of the rent.2. i wouldn't pick a random market thousands of miles away based solely on statistics or numbers. 

When you add purchase price, carrying costs for at least 6 months, materials, labor, real estate agents costs and taxes, do you have at least a projected 10% profit?

You can also try the travelling nurses route, a lot of them are looking for low cost housing when in town. 

You are still going to have holding costs and a heloc will just have less holding costs that you would if you were doing a personal line or hard money. 

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Typically, we see anywhere from $600 to over $1000 per unit (maintenance and turn costs)  depending on these factors. 

Partner with a Real Estate Tax SpecialistThe tax code is complex, and mistakes can be costly.

Real numbers- purchase 907k,rehab , closing costs, soft costs, 840k, all in 1.747 mil, basis for each unit should be roughly 291kappraisal of each unit minimum 400k , so 2.4 mil if for all 6.I might refi only 4 out of 6, that will cover initial loan amount.

Every Market (Detroit) is made up of a series of Micro-markets (neighborhoods) of which they are all different in cost, value, cash flow, rents, etc...

That's three months of mortgage and utilities, the cost of flooring, and the cost of painting.