Ongoing population growth, a thriving tech scene and strong economic factors point towards potential value increases down the line.

These are important factors to think about. 

They also don't factor in how long properties are sitting vacant at that price and also don't factor in how long tenants stay at that price.

There are a few things to consider for your specific situation...The type of financing you use for your real estate purchase depends on a number of different factors.

Market Selection Criteria: To choose the right market, consider factors such as:Economic Growth: Look for markets with strong job growth, a diverse economy, and increasing population.Rental Demand: Identify areas with high demand for rentals, which can be indicated by low vacancy rates and high rent-to-price ratios.Affordability: Ensure the market offers properties within your budget that also meet your cash flow and appreciation goals.Property Management Quality: Verify that there are reliable property management companies in the area to handle day-to-day operations, especially if you are investing from a distance.Comparative Market Analysis: Perform a comparative market analysis to compare potential markets.

When I bought these lots two years ago there wasn't any new construction in the area yet but here's where knowing your market and having a good idea of what drives development geographically, amongst other factors (jobs, amenities, public trans, etc.), is very important.

Capital is indeed a critical factor, and I also prefer to focus on markets closer to Chicago.

Other reasons for denial involve other risk factors, such as, 1. rental history and prior landlord verification 2. credit score3. employment history and verification4. income v. rent ratioetc. 

Consider all the lifestyle factors when investing out of state that could make a lower priced investment look different. 

I would recommend investing with in investment focused agent there are so many factors that you could mess up on when not using an agent and investing out-of-state.