Additionally, Parma's proximity to Cleveland enhances its appeal, offering easy access to urban amenities and employment opportunities without the higher living costs associated with larger cities.

I can understand the desire for new but isn't there a large land cost relative to the value of the overall home?

@Daniel BryanI agree with JacobBetter returns elsewhere and downside is if your borrower defaults depending on the state it could take years to foreclose and run all that legal and holding costs which wipe out any gains.

Costs nothing to set up and it doesn't go on your credit report.

The juice may not be worth the squeeze to save money.A good agent will be worth the cost you might spend, but you can also work with a good wholesaler as well.I would recommend that if you work with a real estate agent, treat him/her as a teammate and not a tool in a toolbox or someone disposable.

See attached Excel summary sheet.Investment Highlight89% Physically OccupiedSupply Index in a 3-mile radius of 6.8 SF/Capita, 5-mile radius of 7.7 SF/Capita, and 10-mile radius of 8.3 SF/CapitaAdditional Income generated from 4 mobile home lots and 1 mobile home (Not Verified, as thus not included in underwriting assumptions)Key Underwriting AssumptionsDown Payment 25% of Purchase PriceEstimating a CAPEX/Repairs cost of $150,000Estimating Operating Reserves of $10000Stabilized Vacancy and Concessions/loss to lease at 10%Using a cap rate of 7.23%Key Demographic DataTotal Square Footage 21,130 Supply Index: 6.3Population 3,338 1 Yr.

Also, any idea on what the monthly cost for renters insurance? 

California offers equity building, potential appreciation, and stability, but high entry costs and market volatility are downsides.

I think just reading books, being active on the BP forums and consistently attending your local REIA will be more effective and far cheaper. 

This quick and profitable transaction showcased our effective strategy and the strength of our partnership with Ed, highlighting our ability to deliver outstanding results through strategic investments.