Some areas still offer strong appreciation potential along with steady cash flow, and when working with trusted lenders, you can find competitive rates in places like Memphis, Little Rock, and Oklahoma City, which tend to perform well on both fronts.

I was not comfortable with the market and interest rate conditions, so I elected to hold off.

Low or no down, seller financing and low or no interest with a balloon payment later is the holy grail (location, building condition, market also matter but it sounds like you have all that).

Properties that intentionally create a memorable experience stay booked, even in competitive markets. 

While competition hadn't changed dramatically, we noticed some of the competition had pushed up rents on other 3 and 4 BRs in the area.  

This has been the first true 1% rule home that we have seen in awhile, and it is priced so well due to the condition of the property.

Regionality and competition greatly factors into the cost structure.

That applies to replacement cost only and only if more $ is needed to restore the home to a pre-loss condition than what is available under coverage A.

With markets adapting to changing economic conditions, now is the time to explore innovative investment strategies.

Your home needs to be in good shape (sounds like it is) and very competitively priced in order to have the few looking choose it instead of another option.