A solid agent and solid property management team are the two most important factors in the passive SFR game.If you can lock those two up - than out of state investing can be consistent and reproducible even from 2,400 miles away.

Rural area but 10 minutes to downtown shopping, schools, etc. 1/2 mile from major highway.Purpose of financing: cash out refinance.

The only competition seems a couple miles on the outskirt of town (with higher prices according to their website), but not right smack in the middle like this one. 

There are some places 10+ miles from the water that are listed as "water views." 

There are some places 10+ miles from the water that are listed as "water views." 

My advice is to stay local, preferably within 5-10 miles from your house, and to avoid investing in Minneapolis for the time being due to recent ordinances - makes it undesirable to be a landlord.

Starting criteria to find comparable listings look for: size, condition, features, age, properties that sold in the last 6 months and in a one-mile radius of the property you are targeting.3 .

@Mark Miles Where is this property?

They want comps that are not SEC 8, within 5 miles of the property (the closer the better), same city, similar age and size, same style (single family, vs something with shared walls).

If you don't see what you want there, head southeast to Nashville, Memphis, etc.I don't think Detroit is the place for a beginner out of state investor. $15k houses are $15k for a reason.You should keep reading, start tracking the market, and start making some industry contracts.Go to some real estate investor clubs.