I plan to come a scope out locations/properties this winter. 

Conveniently located near major routes, this property blends modern amenities with rural charm close to Etna Pond.

As I am new to this and looking for cashflow using rentals, one key aspect of this investment is to ensure that the unit rents out quickly and while I do understand that cash flow to begin with might not be attractive, it can be a good investment in the long run if the location is right(as appreciation also kicks in).

@Amir PortalRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Also make sure to build on a property located in a desirable location with larger pop density and if holding for rentals, charge median rent for that market as lenders want to see a bigger pool of buyers/renters available to occupy/sell. 

I know nothing about the properties, where they're located, or what carriers have already been approached.There's not really a such thing as supplemental coverage for this situation.I hope you find what you're looking for.

Similar to your situation, investing in prime location is Raleigh area has also gotten expensive (not as much as Bay area) and as such, I extended my investment portfolio to nearby suburbs.

@Polat CaglayanI've never seen a formula but here is a general rule of thumb for multifamily:The class of an apartment refers to the quality of the building, which can be determined by a number of factors, including age, location, and condition: Class A: These are the highest quality apartments, typically built within the last 15 years.

I think you have to employ mid term or short term strategies to get actual cash flow in year 1 on a 2-4 unit in a good location.

What location?