Hence, the restrictions (valid IMO) in place (always paying mortgage insurance) will not be optimal if you make an above-average salary. 

Hello All,I have been identifying properties in the Richmond area that I might consider purchasing but wanted to see what the average cost of certain critical factors were.

If 3 comps average selling for 80% of the list price you know the likely sales price will be 80% +/- of current list price in the area.

That would be an average 10% annual cash on cash not counting NOI from rent.

-AustinI suspect on average you will achieve greater wealth accumulation on your VA RE than the higher cash flow properties in Memphis. 

I dont even think there is such a product.

@Jack Macioce - My lender uses the average of the most recent 2 years tax returns to calculate DSCR

A lot of these products are spot on, highly stylized rentals.

We average approx 16 days above 100 degrees. 

Next you go buy a multi-family in one of the areas you mentioned (Assuming average $200K/unit and 4 units, which seems on the light side, $800K purchase price, $160K downpayment) which would leave you with $160K in cash. - The problem I see here is that I highly doubt you would receive cash flow in this scenario.