The demand in Greenville, South Carolina, stems from several factors that collectively contribute to its attractiveness as a place to live, work, and play.

HOA fee: included in the rent (ie rent level should reflect the HOA payment)Lawn care: depends.

Conventional will go off your income, maybe include some of the new rental income in your DTI. 

Thanks, Sam - I don't know if I fully subscribe to the 18 year real estate cycle, but a huge market crash is already in full swing in various CRE asset classes, including multifamily.

Is 3x rent income requirement (including voucher) common?

Charge the tenants a higher rent rate and include utilities with their rent.

The appealing aspect here is the ongoing population growth and other economic factors.

I'm aware of a couple off-market deals that I've dug up for other investors, and I know a local investor that owns over a hundred of units that he'd consider selling, all the way from bare land, to single families, to multi-units including several apartment buildings.

After talking to a few bankers, including one with more than a decade at BofA, I can 100% confidently tell you this is how Bank of America treats all of the customers in this location.  

Almost everyone here on BP will tell you that they wish they had started earlier, myself included.4.