Below are the models I’ve used (confirmed insurance and taxes with insurance quote and auditor website) at the low and high end of rents.

If the current rents are as low as you imply you might try a cash for keys approach.

My intention at that point, which is likely to change, will be to buy low cap rate/high appreciation properties.

If you get something in appreciating market, like the Bay Area, and you hold on to it for a long time you will see the value of your property rise, but the property taxes stay very low because of prop 13.  

Several of us on this thread are no doubt picturing a very confused expression on a low-life's face who was expecting 90 days of rent free living. 

I used the cash to pay off the final bit of my credit card debt to improve my credit score even more (it's currently at a low 700) so I can qualify for lower interest rates.  

I am looking to make some connections and offer a helping hand to any professionals looking for someone to tackle low hanging fruit with the intention of sharing some wisdom. .Contact me or guide me to any local events.

Pros- It has good schools, is very stable and has a low crime rate.

I just found a house online that sold for something stupid low like $12k.

Wilmington, NC is not a low priced market.