You will need to narrow down the zip code or street a little more based on where you decide to purchase, but this gives you a good start.

With those in mind, would a portfolio purchase get you there quicker, maybe. 

Assuming you purchased in your IRA for cash as most do, then there's nothing to deduct or depreciate because the income is non-taxable inside the IRA already.

We also have one LTR in Wilmington , NC that we bought brand new and have an excellent tenant in.  

Your original purchase is depreciated over 27.5 years.

Purchase price: $75,000 Cash invested: $600,000 Sale price: $269,000This is my largest new build development to date.

Purchase price: $640,000 Cash invested: $220,000 Purchase price $640,000Got it at this price because there is a non-paying tenant in unit 2 (rent value $3,500), we're in court Rehab $60,000All in cash (rehab plus down payment) $217,500Rehab included ground level basement and 2 parking spot drivewayMonthly cash flow $1,500 ARV $950,000Equity $470,000Refi cash out (August 2024) $150,000 (used to buy new rental)New monthly cash flow breaking even (non-paying tenant still in unit 2)New equity about $200,000

Purchase price is $210,000.

It's only dead if you are spending too much on your purchase.  

I have several CFO clients that do similar heavy rehab projects in the Midwest (albeit with a lower purchase price), so you can definitely make the numbers work.