They will probably want as much allocation into FF&E (furniture, fixtures, and equipement - the non-1031able parts) so they get quicker depreciation. 

with a very short lock and cheap points, I'm guessing it could have been affordable to get a 2.125% loan on a primary....

But my brother and I can't afford to invest in rennovations, plus it would be risky since we don't know enough about it, plus I live on the other side of the country.

What would you do if the 88 year old tenant who has occupied the unit for 20 years can't afford a 200 dollar rent increase? 

These areas seem to offer affordable prices for me as an amateur investor but I just want to make sure I'm not wasting valuable time analyzing an area that's largely stagnant.

You may get stuck with a property to can't afford to fix up or handle any adverse situations that arise.

It will also give you a more exact idea of the price point you can afford.  

Is there any general "rule of thumb" for holding on to single-family residence and renting (if you can afford to). 

Strong buyer demand is keeping homebuilders confident, but rising costs of construction materials are weighing on housing affordability.

Prices for a broad swath of goods and services rose by record amounts in April: used cars and trucks, tires, computers, televisions, furniture, toys, computers and airline fares, among other things.