My husband/partner did a similar trip just a few weeks ago - targeting some similar areas to see if there are markets we are not yet in and should be. 

Matt,Its a bit hard to tell with the information provided, but i'd calculate the Cash on Cash return for renting the property out and see if that metric hits your target.

Target audience? 

For those, I'll go a little bit closer to the high end because there are simply not that many newer homes like that ever come up for rent - at least not in the price range you're talking about there.As for targets, my goal is to try to find a deal where the ARV is 70% or better and where the gross profit (rent minus PITI) is $400 a month or better. 

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Ill be targeting, code violation, probates, vacants, and absentee owners.

Look into whether the lots you are targeting have something similar happening.

Lots of scams for loans specifically targeted at desperate borrowers.

The biggest challenge, I would say, is locating the targeted properties.

Surely you don't think I drive around town looking for 750 addresses every week to target with my letters, right?