@Rachel Steenland i know a lot of folks covered almost many area... i just want to add one more option. have you consider investing in the greater Boston area al, use the FHA loan then you only need to live one your in it. i have seen some good cash flowing 3 Families around that can leave you with a good $1300~$2000 a month.make sure to check zipcodes like 02122 which is on the rise.

Add on new AC unit / heat pump and coil and you may be looking at another $4k - $8k installed.

. - assuming you get another tenant at the same rent cost later, you would have a cash flow of only $200 / month without accounting for maintenance or CapEx.Is there anything that you plan to do for value add on the property while you live there?

Add on the amendments and the page count goes up!

Let me add one thing to my response above...The downside to buying multiple properties in the same subdivision is that you bring all the values int eh subdivision up QUICKLY, which will do two things:1.

If 80's is the most you can get, you are looking at over 80% of ARV if paying 68K for the property, if you add on Closing costs, landscaping, inspections, insurance, selling costs etc, I don't think you have a lot of room left for any profit.You should first get some real comps from an agent that knows the area, then you need to factor in holding the property while finding a qualified buyer that can close, this could take up to 6 months if you are unlucky, do you have cash-reserves to support this?

Let me add one thing:I am a newbie too.

You should add on [list]-10% of your revenues as vacancy cost (turnover will run a few days/weeks a year most likely), -10% for routine maintenance like broken windows, torn rug, painting during turnover..., and -another 10-20% for long term maintenance stuff.

I wanted to add one more point to this topic.

The time to use spoiled food coverage is as an add-on to a bigger loss when you really need it.