I wanted to share the numbers and want to make sense if it's a good deal for us according to what we are looking for.Price: $450k (agent said that we can get it down to $420k)2 Units (1 bedroom in each unit)Mortgage with 3 year fixed comes up to around $2.3kInsurance and tax is roughly $400Rent per unit is $1.4k so if we move out then total rent comes up to $2.8kThere's a detached ADU (garage) that can give us another $100-$150 if we rent it for storage and there's a scope of converting it into another unit later on.So currently rough calculation says that it can cashflow up to $300 per month.

No it was just like $10k.I overpay for rehab for $15k, House sit on the market for 4 months. 

I do long-term room rentals (min 1 month lease).

Or maybe you fill the unit a month faster and it pays for itself.

or even more.not saying you're considering going that far out but just using an example that i can speak to.my actionable step for you after picking a market would be: make a trip to that market every month and network in person. 

In those cases, the compensation % for seller and buyers agents was set and I signed a 6 month commitment. 

@Austin TessMany lenders have a seasoning period (typically 6-12 months) before you can refinance.

And lastly, I search FunishedFinder listings nearby, find comparable properties, and track the listed rent for a few months (does it increase, decrease?).

I just bought in Indiana last month given how bad the numbers are here right now.  

Even if you believe you can stomach the monthly payments, paying $20K a year to carry a piece of land based on the information you shared is not recommended.