When all these are factored in, the average cap rate on a single family home is in the low 3% range.

Most out of state investors focus on places like Cleveland, Detroit, Memphis, Toledo, Kansas City, Indianapolis etc......Super low entry price with high rents.

But not sure about it since the market is at a low point right now.

I've been ruminating over the low rate environment recently and whether to refi one or more of my long-term rentals, but I just struggled visualizing the full gamut of financial impacts, e.g. loan cost inefficiency, 30yrs vs 15yrs mortgages, maximizing cash flows vs cash-outs, tax positions, etc.

Structure the deal so that the purchase price is low and adjust the interest rate to equal the agreed upon payment.

As a buyer, I’m usually willing to pay a bit more for the property in exchange for favorable terms—like a low interest rate, often between 0-3%.

Michigan is another great state to buy REI because the prices are still so low same in Indiana and Ohio. 

Lubbock has a low barrier to entry and has several backup economic drivers by being the primary hub (agriculture, financial, healthcare, material goods, transportation, entertainment) for an area the size of most states east of the Mississippi.

It's odd really, the prices go from as low as $1700 for an apartment up to $2300 for a SFH or ADU.

I see higher, and if you pay lower they are making up for it somewhere else (hard to run a low margin business).