Is there no one else of your religion in the area looking for housing?

@Samuel Coronado - the challenge is that there will likely be a very small number of renters looking for a house that size, as well as that can afford a rent amount that high who won't just buy otherwise. 

It's growing rapidly and price of labor/ housing is dirt cheap.

The problem with trying to invest $500,000 is you really can't use the same strategies you use with $50,000 and be effective.When I was buying SF houses I could buy them (using hard money) for $25K out of pocket. 

This works best when the seller is motivated and open to flexible terms.4.BRRRR Strategy (Buy, Rehab, Rent, Refinance, Repeat)– If you find the right undervalued property, you can finance the rehab with short-term funding and then refinance into a long-term loan, pulling most or all of your money back out.5.House Hacking– If you’re open to living in your investment, you can use an FHA loan (as low as 3.5% down)to buy a multi-unit, live in one unit, and rent out the others.

I can't give a tutorial re how to originate a note today, selling a house with financing in just one post. 

Shared housing provides affordable, flexible rental options for young professionals, remote workers, and students.As shown above, co-living properties have more demand than traditional two-bedroom units and appeal to a wider tenant base.2.

We currently own two other duplexes and we've house-hacked all of them.

A couple tips--Always best to house hack small multis when you are moving around from base to base. 

The house hacking will pay dividends for a long time I’m sure.