Today this would be possible in high priced markets were your average loans are more in the 500k range so only 10 a month.. like CA  NJ  Denver and ski areas . 

Community water, and electric are at the street.

My principal/interest, escrow, and insurance is 1570, and my HOA is 306 and it includes water.

I'm sure most of us don't say our rentals come with a furnace and hot water tank, but they do and they are not to be removed.

It had 22 of the 25 lots occupied but we'll be fixing it up, filling it up, billing back water and raising rent up to market.

So it takes comprehensive knowledge of the market trends, zoning laws, the local municipalities approval process, survey cost, subsoil conditions, irrigation requirements, development cost, utilities (gas, power and internet), city water or well water, city sewer or POSW to name just a few...A builder developed the farm field next to our SD, bought it for $1.5M and wanted to build 25 homes as a conservancy subdivision.

Here are the numbers:IncomeTotalPartner ContributionsManaging Partners Debt$0.00Partners Deposits$987,459.99Total Contributions$987,459.99Operating IncomeAirbnb Income$50,186.50Square Income (Vehicles or add-ons)$6,741.04Total Operating Income$56,927.54Total Income$1,044,387.53ExpensesPurchase of propertyCost of House-680,000.00Closing Costs-$26,744.44Total Cost of Purchase-706,744.44Set Up ExpensesHouse Improvements & Care taker home addition-116017.03Adding Tiny House-52130.83Furnishings-68403.65Vehicles-43150Set Up Costs and Advertising-2339.53Total Cost of Set Up-282,041.04Operating expensesCare Takers-14535.9Additional Cleaners-1505Cleaning Supplies-2670House Supplies-1340Landscaping-4230.66Utilities (Power & Water)-8204Internet-315Pest control/fumigacion -120Pool cleaning/maintenance-2220Vehicle Gas-552.3Vehicle Maintenance and Repairs-6625.01Welcome Food for Guests-115Property Repairs-4999.64Bank Fees-1208.06Accounting Fees-1085Insurance-955.74Other Expenses-1071.2Total Operating Costs -$51,752.51Total Expenses-$1,040,537.99Net Income$3,849.54Net Operating Income$5,175.03Now 5k for an investment of 970k is not a good investment.  

There are approximately 28 Multi-family duplexes active on the MLS ranging in prices as low as $50,000-$219,000 with a median rent of about $929.

You might be somewhere in the 85% of purchase range without an exception. 

City water 200 yards away