Sherman does seem interesting though because of the lower cost and growth potential.  

Even 600k loan at 10% interest costs $165 a day.

  ( Maryland )  Small parking lot 12 cars plow and salt $450 . 2 in trigger Costs are regional for sure 

Maybe that is gross profit when you sell it, but what about the cost to build it?  

Make sure your rehab is "renter" cost rehab. etc. 

@James Boreno You’ll likely owe taxes, but don’t forget to account for your adjusted cost basis, which factors in the original purchase price, depreciation over 10 years, and any capital improvements.

For cash-on-cash evaluation of rental properties, it is critical to identify ALL of  your acquisition costs. 

Am I more likely to be able to add $50k or $100k of value above cost in a high Cost RE market or a low cost RE market?  

Evicting them, even after purchase, could be a lengthy and costly legal process.

I predict that the substantial home price cost savings and greater control they enable the buyer to have will make them grow in popularity.