Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

One strategy is to pursue properties (in your preferred markets) that have been listed for sale for over 90 days (even longer is better).

Purchase price: $690,000 Cash invested: $172,500 Took a gamble on a larger single family home in an up and coming master planned community.

I will say that even though you get the boost from VRBO and AirBNB, the first year of operation is usually lean as you build up the rep.Offering a discount on the stay is a way to be more attractive but don't go crazy.

This is for a 3 bed/2 bath single family rental home.All input would be appreciated! 

Single you get 250k exclusion of taxes, married 500k exclusion of taxes on profits.https://www.irs.gov/taxtopics/tc701 

What happens if you need or want to refi or even sell?

At a minimum look for a deal that breaks even - although it's always better to cash flow and still have the shot at future appreciation.

Even with renovation costs and insurance costs the fix n flips are still making money.  

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.