As I see it, the only ways that real estate pays you well in the first 3-5 years is low to no leverage or a strategy that requires more work (short term rental, mid term rental, rent by the room, etc.).  

Rents have been pretty close to what the housing authorities advertise, sometimes even a bit higher.Fort Wayne’s a solid spot with low taxes and good cash flow—definitely worth looking into.

I own 4 two/three flats bought between 2013 and 2020 in Forest Park, Illinois, at low interest rates and prices in 200000's  They cash flow nicely and prices have increased a lot. 

Most of the stuff you can get at Home Depot or Lowes and get it the next day, so no delays once you decide on something. 

@Bonnie Low I was not including debt as I want to know how a cash buyer would look at the deal.

Usually of the home requires major repairs it may require a HML "hard money loan" then you refinance in 6 months on the new ARV.DSCR is also not a great avenue for low loan amounts because all loans under $125K will take a rate hit and the minimums are usually $125k after down payment with some going down to $100K Min.

I've seen some as low as 6k and as much as 14k annually.

Perhaps reach out to local agents who work with a lot of buyers in your market and see if any of them need a place to rent while they house shop (inventory is still low).

Quote from @Aaron Zimmerman: Quote from @Bonnie Low: My current CPA came via recommendation from another investor.

Should I price the land 2 times above market value and offer a low interest rateORPrice the land at current market and use a very high rate?