One more reason why people should stop looking for the easy path to building wealth.Increase earnings, reduce expenses, save, and invest.

@Chris Lin not sure where else you own properties, but all their fees are what is normal for the Metro Detroit area.We have heard some PMCs offer lower fees in other parts of the country, but from what we've researched, these only apply to Class A properties - which are REAL easy to manage.We actually charge LESS than average to manage Class A rentals in our market.

Add those people in by using County or Schoolarea population.Example:Town1:#ofunits/headcount= 300 units in the area/ population 3,000= 10 unitsper 100 people.Town2:5004,000= 12.5 per 100Town3:andso on.Doevery stand alone town in a 60 mile radius, or until your satisfied.You will get a High, Low and a average.

How does anyone expect people in a place with an average income of 25K a year to pay an average of $1400/mo rent? 

I believe United FCU is best. 20% down, usually a 10yr term (they offer a longer term though), and an interest rate that's pretty close to the current average for conventional loans. 

@Parker BullardFrom my experience, house hacking is a great way to reduce housing costs by renting out part of a property, like a duplex or triplex.

We are at the top of this boom cycle, and the time is not right for the average buyer to make that move in many areas.Keep in mind that the faster/higher the boom, the faster and more severe the bust. 

Price RangeDefine your financial boundaries based on available capital and borrowing ability:For Class A & B, financing typically covers 75%-80% of the purchase price, allowing you to buy properties in the $6M-$12M range if you have $2.3M total cash.For Class C & D, due to higher risk, the price range might be reduced to $5M-$10M with the same cash.5.

Could seller finance (not recommended) to reduce initial burden and spread it out over time

This seems to be breaking down new construction and is a national average so kind of hard to read into this what it means in general but I would not expect a 665k new construction house to be my target for a rental property.