The average rent for 2/1 is somewhere in the mid $600 - $900 range.

When I talk to a realtor about my requirements, price range, size, year, etc.

Either or works Well just use this as a simple example 24 Unit apartment Complex ( B-  or C +  type  property Purchase Price - 1,920,000 ( $80k Per Unit ) may be low in this market Down payment - 25% = $480,000 Rehab - $ 6,500 per Unit ( some units  more than others ) = $ 156,000Common Rehab - Water Heater , laundry room if it has one , Paint of building , landscaping , windows , parking lot  , roof ( 10k - 70k ) This ranges a lot depending on the property Closing cost - 20-30k tax - 7,000 / year insurance - 12,000 ( wind n hail , general , fire  ) / per year Property Management ( 10 % ) = 2,160 / per month vacancy - 10 % = $ 2,160 per month Cap X ( fridge , window , curtains , doors , paint , roof , pavement ) - 1,080 / per month Landscaping - $ 800 per month simple repairs - $ 500 -900 per month common area electric - $ 300 per month Mortgage $ 7,500 ( 30 year amortization  , 4.75 % rate  ) Income - $900 per unit = $21,600 , this varies based on area . 

@Jordan JonesIn our market it ranges from 6%-15% it depends on the neighborhood and schools.

We have traveled a bit and like many places but our favorite has been Nashville, TN for overall cost of living/weather/Culture.Our plan is to purchase a house in the <450K range and relocate later in fall after our Baby is at least 3 months.

Our team can manage anything ranging from monthly/annual rentals to vacation rentals as well.Thins we handle include but not limited to: communication, accounting,check in / check out, repairs, payments, etc. 

You have such a great resource here to help you build a large and diverse real estate portfolio.

I could see $150k easy for all this work and quite possibly more in the range of $175k+.

After spending $20K and making the repairs you should be in the range of the other houses and if you rehab the place nice (likely will cost more than $20K), you should be at the top of the market price.If you spend $105K + $20K to get an RE valued at $150K (ARV) the profit will be small. 

I know it is a buyers market right now and the prices I am seeing are in the $250,000+ range with rents at about $1900.