Use the Free Calculator on Bigger Pockets.Rent (check out craigslist posts for similar units nearby - what does your renter consider equivalent?)

I'm curious: What's the cheapest/smallest rundown house on its own land nearby going for?

The purchasers said they were considering opening up the gate and allowing non-residents to park there since nearby parking was horrendous. 

Vince DeCrow with regards to Durham/Raleigh don’t forget to mention NC state and Cary as areas and university near by too!

Check out the nearby members and network at https://www.biggerpockets.com/meet, it will help you a lot to find partners that can help you out in investing. 

(without naming creeks, there's some great fishing nearby!)

Having your properties nearby will allow you to self manage them and thats a key savings that you'll want to have in the early going.I would not want to have had my first investment property been one where I needed to hire and manage a PM.

I have friends who live in one of the new construction communities in Winter Garden, and I live nearby in Clermont (office in Orlando). 

$200/month seems a little low per-door for a 12% return for what I've seen nearby.

Being nearby in Connecticut I know plenty of people that invest in Mass and lead paint issues are taken very seriously there.