,Consider downloading my "2013 Housing Market Forecast" to supplement your spreadsheet.Having a higher average rent relative to the average property value is good but only one part of the bigger picture.You want to consider the health of the local economy (jobs and job growth, employment trends, migration in and out, etc.)Next you want to consider the neighborhood, and finally a close look at the property itself in terms of cash flow, cash-on-cash return, and total ROI.I bought some property in specific parts of Detroit in early 2004 when things were looking 'up' for the city.

Noah,Given your current situation with $70,000 in cash but no current employment, it might be best to go the buy and hold route at the beginning.

We're employing the add on strategy over here in Virginia.

My FICO is above 700, but they want to see employment income.

Employers like to see focus.

Well, the easy rout would be to start calling ads on Crags list and before paying to fill out an application just be upfront with the owner and ask him/her if you can rent there.There are people who will rent to you, but most will run a background check on you.Some will want first, last and a security, some only first and security.If you are under-employed and have a co-signer, its not a lot different than a college rental.I'd say just start calling ads in Craig's list on after another and if someone say OK, and offers to let you apply for a fee (to run a personal background check) then make it happen.https://www.youtube.com/watch?

Many investors in the club successfully employ the BRRRR.  

@Karl McGarvey you spoke about pensions, so I assume both you and your wife have full time jobs for an employer.

Some subs but employing ppl to do the floor trim paint demo etc.

IMO not too many people take into consideration that when you are self employed, none of your benefits are subsidized!