Owner: $196k is the lowest we are prepared to go now.....just put on market and getting slot of interest.Me: Oh ok, ...... you recently went to a realtor am I correct.?

And keep the $5k for the 0% APR debt in reserve (or pay for it close to maturity) and only use it for a smoking hot deal.

But truthfully in a hot market rents don't align with price.

@Jessica Harriet, the Portland, ME real estate market is very hot right now and a rent stabilization effort is on the ballot in November.

well I am going to offer some other type of adviceyour one of a million who want to make big money flipping houses.. hard to do very few do it well and its competitive as hellI would in your situation spend the 1k and get a real estate license and hire on with a top producer and get PAID to learn.. in a hot Denver market with high price points you can stumble to 50 to 100k a year... and you work weekends .that will give you a foundation and you will make far better contacts than at meet ups.. .meet ups that I have gone to at least in my perspective are a total waste of time.you have the experienced guys just looking to take advantage of guys like you.. hey bring me a deal and I will pay you a few grand... there is no future in that.. and if you have no money no experience you need to get both.. so that's one way to get into the industry and become a professional..

Doing so can provide you a small advantage that can help you get a deal in a hot mkt.I researched mkt rents by talking to multiple property mgrs, area locals and skimming sites like Zillow and Trulia.

The house already has central heat and air, but it is in Arkansas and summers are hot here.

Florida is hot and humid, and it can happen to smaller diameter pipes sometimes over decades. 

The great thing about these investments is they're almost recession-proof.Of course, if you're looking for more standard "hot real estate markets," this article has a good list:https://www.forbes.com/sites/trulia/2017/01/04/10-hottest-real-estate-markets-to-watch-in-2017/#2d58408e340c

We are in a red hot market in the Southeast.