Therefore, I will need to raise rents significantly to get closer to the pro forma market rent rate.

Always think it is extremely important to note that Cap Rate does not drive value on Single Family Rentals since NOI is not the factor for the vast majority of the market - only really relevant for Multifamily and Commercial (BP audience is generally skewed towards residential not commercial investing)

I'm a Broker / Realtor & Property Manager in the Metro Detroit market (Michigan) and have connections with lenders, wholesalers...you name it!

Because it’s a smart way to dip my toes into the real estate market without diving headfirst.

Additionally, which markets are currently favorable for starting out in real estate investment?

Just from a credit, income, and experience standpoint, two years in college will teach you a lot about the local market and you will be able to understand who lives off-campus and why.

Expecting a 4 months turn around to put back on the market in Early September. 

I can’t speak much about NC’s market, but if you’re struggling to find the right deal locally, consider exploring other markets.

We purchased this property off-market with no realtor, saving on commission fees.

Markets swing.