I have 4 rentals in Fayetteville and I run about a 45% expense ratioso 600 per month minus taxes and insurance is about ~450900 - 405 (45% expense ratio) - 450 = $45 monthly cash flowYou aren't going to get appreciation or rapid rent raise in Fayetteville, so selling it is your best option.

I have helped set up three clubs thus far and I'm going to be coming to the Grand Rapids area next week.

We know of a well-qualified couple (passed our screening, we had alteady filled unit) with 3 kids looking for a short-term lease (9/17 - 3/18) in Cedar Rapids area while they build a house.  

Properties which fall outside this range are not necessarily amazing deals (if <40%) or dead weight (if >60%), but properties whose operating expenses are 70 - 80% of revenues are unlikely to be "deals".Regardless of how useful you find the 50%(ish) rule of thumb, you should always conduct a detailed analysis before offering to spend your money.A {contrary} observations to the above two posts: neither CAPEx or mortgage payments are operating expenses.BTW:  Property taxes are not "double" on residential rental properties in NB.  

I have heard that the Dallas, Grand Rapids, and Jacksonville areas are hot for investors right now, but I'd like to learn how to identify areas that would work well for a beginner who is willing to invest out-of-state.

Or should both play a role and one has higher weight than the other? 

Finally you could try to make contacts in your local reia that do lending and start to build that relationship in hopes that they can put less weight on the low credit and no job because they know you personally and know what you do and how you run your business.  

It's in Florida beachside in a nice safe and appreciating and rapidly growing town.

We are looking for an efficient, market savvy, and computer savvy loan officer in the Grand Rapids area (or surrounding area) to help with this joint (small) purchase.

I've also read (and witnessed) the rapid growth that both cities are experiencing.