You may need to hire a property manager, maintenance staff, and possibly a leasing agent to help handle the day-to-day operations of the building.

Know that houses in that price range are in crappy neighborhoods with typically crappy tenants so you will probably lose money between high maintenance and evictions.

If I factor in additional $5,000 in upgrades it still hits a 30%+ CoC return....It certainly is not a grand slam, but for the extremely low barrier of entry, it seems like a solid base hit. 

It was considered low class back then.

Our plan in the near term would be to use the cash-flow to buy additional properties every 1-2 years, increasing cash-flow so that we can live off that income after 10-15 years.Given our modest goal of $10K/month, I am leaning towards Option 2 which is to use cash to buy properties and in a few years re-evaluate financing.Here is one of the new construction duplex properties I am vetting right now:Purchase price: $360K for a duplex.Expected rents: $3300 monthlyInsurance + taxes: $500Vacancy, Maintenance + Capex, Property Management (25%): $800Net cashflow: ~2K/month (CoC ~7%)

Not too low either, you don't want to go with someone who is just focused on price as this is a quality of a not-so-great accountant.

@Yechiel W.Both the Columbus and Cleveland markets are great for investing in from out of state since they are landlord-friendly, and have a low barrier of entry and cash flow.

Wall paneling is easy to install, low maintenance, and can add a touch of warmth and texture to your space.

After moving out it would be cash flowing negatively around -$1,200/month before taking into consideration capex, maintenance, etc. but while living there and renovating the unit we will have gained approximately $125,000 in equity.Property #2: 3-bedroom unit with a separate basement entrance that could be converted into a 1-bedroom basement apartment, but in a slightly less appreciating neighborhood.

You would be looking at a rate in the low 8s based on your credit score.