Plus, with the steady demand for rentals, you’re looking at potentially lower vacancy rates and consistent rental income.The job market in Memphis is also pretty strong.

The first month full rent hurts the most so if you want to ask for something, I'd probably ask for that to be dropped but wouldn't be surprised if they say no, it is a lot of work to fill a new vacancy. 

Vacancy rates are strongly correlated with property management.

I'm planning on quitting soon, moving back home for a little and taking a few months in between my next job to pursue my first investment.My rough idea for an investing strategy is:  long-term, not necessarily looking for high cashflow (just want to start building equity), quality deals > amt. of doors, Class A/B neighborhoods mainly for low vacancy. 

However, office vacancy rates are still expected to peak in mid-2025 at 19.8%.Smaller companies are stabilizing and shifting toward expansion, while 58% of larger firms continue downsizing.

.- Then I checked out the Detroit market and realized that the job and population growth has declined in the past few years and landlords are finding it hard to fill the vacancies.- Lastly, I checked out the Colorado market (especially Colorado and Colorado Springs), and the property prices are high there and hence, it won't cash flow there either.Hence, while I want to begin my journey, I am not sure where to start.

@Helene Goodworth your assumptions (vacancy, R&M, etc.) look correct.

You may not have as much equity, but interest rates are probably higher and you wouldn't have to deal with have a vacancy while you sold it.  

If it’s strictly an investment, you may need to consider conventional loans or other creative financing options.Cash Flow Analysis: Do a thorough analysis to ensure that the rental income will at least cover your mortgage, property taxes, maintenance, and vacancy periods.

I had a similar situation in which I bought a 20 unit at 100% occupancy and 90 days later had 8 vacancies, with NO placements at all.