I've heard Trump most signed an executive order to eliminate reduced rates for section 8.

You get a Capitalization Rate (CAP Rate), which equals your annualized return by dividing the Net Operating Income (you had gross in your narrative) by the purchase price.

Even though there is low inventory, interest rates are high, and many properties don't cash flow, look harder there are always deals, you just need to find/make them.

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

It's about rate of return and it's been hard to beat Detroit over the last 10 years.

If you're willing and able, I do recommend the "house hacking" strategy which is just a fancy name for buying a rental property and living in one of the units, because you'll get very favorable financing - an owner-occupied fixed-rate 30-year mortgage.I'd also say, analyze that property as if you won't live there and it's a pure rental, and make sure the property is still cash flow positive if there's a tenant in your unit because then you'll know if it's actually a good investment.And when you analyze it, include payment of a property manager in your #s because if you don't, and doing so would make it go cash flow negative, then you've just bought yourself a job because you literally can't step away from managing it without losing money.

New construction, fully decked out on the design and amenities. purchase price 785K, 40K in seller credits, 120-140k gross rental projections What made you interested in investing in this type of deal?

Quote from @Scott Mac: It might be the investing environment.Right now we have a different interest rate picture then we had a few years ago.

Here are a few markets with solid numbers:Indianapolis, IN – Median home price: ~$175K | Average rent: $1,400-$1,600 | Cap rates: 7-9%Kansas City, MO – Median home price: ~$200K | Average rent: $1,500-$1,800 | Cap rates: 6-8%Cleveland, OH – Median home price: ~$120K | Average rent: $1,100-$1,300 | Cap rates: 8-11%Birmingham, AL – Median home price: ~$160K | Average rent: $1,300-$1,500 | Cap rates: 7-10%Memphis, TN – Median home price: ~$150K | Average rent: $1,200-$1,400 | Cap rates: 8-10%These markets offer affordable entry prices, strong rental demand, and higher-than-average cash flow potential.

That was when the market was stabilized, rates were sub 4.5% and distressed properties actually sold for a significant discount.Today, distressed properties sell for a premium and cash out refi rates are over 8%.