The market is slow currently and you need to check flood zones and assess insurance costs when underwriting a deal.

You could potentially put as little as 3% down if it's a single family home and 5% down for 2-4 units.

That said, weigh the cost of renovations against the potential increase in appraisal.

I'm new to real estate investing, but have thrown myself into learning as much as I can by joining a Veteran based investment community, have been working with my realtor and looking daily for potential multi family properties in the Dallas area for house hacking, which I've set myself an deadline to be completed by May.

Hi Saul,For better cash flow potential, you might consider Memphis.

When scouting for properties, explore areas on the west side as well as some parts of the east for potential opportunities.

I'd focus on deciding what you want to do (flip-high risk, but potentially high return...or large loss; short term rental-more work, but higher return than long term rental; long term rental-less work than the other two, but lower return).Once you've decided which you want to do, then focus on getting the best house to meet your goal. 

You may want to share you analysis with a few banks and/or property managers as they will typically weigh in on your assumptions if they are potentially interested in working with you. 

I work in group home settings for a living and at my previous facility there were two clients per bedroom which would give you potentially 8 in your house while at my current job there is one client per bedroom which would only be 4 clients in your home.

Indy is a strong market with a great mix of cash flow and appreciation potential, plus it’s very landlord-friendly.