Other most common factor: Family Size increases due to marriage or having a child. 

My recommendation would be to choose potential markets - in several price points - that have strong rental demand and year-over-year rent increases and that also are in markets that are appreciating. 

It's kind of disconcerting when I can only raise rents by 5% but insurance is increasing by 10% to 15% per year. 

This decision increased our budget from $15K to $45K, but it turned out to be a wise investment.

This is very helpful.I agree and am aware that there is increased risk to an auction property. 

Looking for a house we could house hack, had an incredibly low interest rate on mortgage and house has increased in value about 42%, an estimated 180k in equity.

And this will only increase in my opinion so it's a great time to invest!

This puts the current market rents of $885–$925 per unit well within the affordable range, with room for modest increases post-renovation.I’ve also reviewed competing properties in the area; apartments seem to be listed between 975 -1000, and houses are listed between 1300-1900.

If land values are increasing significantly, you can back-end load the seller financing for a percentage of the profit when you sell.To add to prior comment, how many septic tanks do you have?

I’ve had people who signed up for 6 months and stayed 5+ years, paying increasing rental rates.