Obviously with it being vacant and getting ready to rent, it’s not making any cash flow, so how does that work.

Bare bones cash-flow machines.

Are you cash flow oriented, appreciation oriented, looking at resale value, etc. what class markets/neighborhoods are you considering?

Are you cash flowing the property?

Let's be clear - if you buy in an A or B neighborhood just about anywhere, your cash flow will be zero or negative.  

You want to focus on the better neighborhoods here and not invest as if this is instant cash flow.

Here are the projections for 2024 to give an idea of expected returns:2024 IncomeLong-term Income$8,400Gross STR Income$45,500 (based on AirDNA projections)Additional STR Income$5,915 (mostly cleaning fees)Total Projected Income$59,8152024 ExpensesSTR Expenses$16,453 (32% ratio)Mortgage$34,476Insurance$707CapEx$3,600Taxes$2,729Total Expenses$57,965Projected Cash Flow$1,850CoC Return2.79%2024 Additional ReturnsPrincipal Paydown$2,930Equity Appreciation$16,200Mortgage Interest Deduction$7,571Total$26,701Total Projected Returns$28,551Projected Return on Investment43.1%Projected Return on Equity21.4%The CoC numbers are not impressive, and the property only cash flows as an STR, which carries some risk.

Own a rental single family home in SW FL that cash flows about $1000/month (after all expenses, and my insurance nearly doubling over the last year). 

We chose HELOC instead of refi because we didn't want the rates to change (we got the first property during those golden days of 3% interest).I just recommend making sure the HELOC payment makes sense from a numbers perspective—consider the interest as another "expense" when you're calculating cash flow.

The cost of living is extremely low compared to other cities and you can still many many positive cash flowing and 1% deals here.