I know many people here stick to the whole 1% rule when it comes to rental income and this property stands at 1.36% but my mentor and investors in my circle only go for home run deals that get as close as possible to 2% in rental income. 

For me, this was a shiny object; I'm sticking to long term rentals in cash flowing markets.

So, I would stick with well-maintained apartment complexes, self storage units, mobile home parks and possibly a short term rental in a desirable area (like the beach)- here's mine, outside of Charleston, in a gated community in Isle of Palms, SC called Wild Dunes: www.vrbo.com/1930478.

@Dory Peters stick to your guns on having everyone fill out applications though.   

Did a 7 hour round trip to Pella, Iowa to get Dutch Pastries at Jaarsma Bakery and some Beef Sticks/Jerky at In't Velds as Xmas gifts for all the Bankers and Contractors. 

Personally I'll stick with Case Schiller and the St.

I think that you can be pretty successful if you just run your numbers and stick to them.

At the end of the day, it will end up being almost as expensive as a stick built house.

Normal stick built construction, you frame up the walls, stand them up, put OSB (oriented strand board), set the trusses, OSB the roof.

Sticks and Bricks, 2 stories wood construction, down and dirty, you should be under 200$ a square foot.