Unless you have boots on the ground working off-market deals or even the tax auction, I advise extreme caution.

Those factors don't even take into consideration the cost to prep a unit at turnover and possible placement fees paid to an agent to find a replacement tenant.

Places like Memphis, Little Rock, TX, Oklahoma or even Alabama. 

Even if they are on mls so one is going to end up making an offer close to market value.

Even if you don't do section 8, you will still need to pass a rental inspection with the city.Hope that helps,Michael

And even better, it's about half a mile from neighborhoods with $800,000+ homes and there are virtually no rentals in the area so should do well! 

Even though I was cash poor, I had good credit that I had been working on since I’ve been a member of BP. 

Even in your short term example you could owe $24k in taxes  why not buy something else at a $24k discount  especially if it’s really 10 years and $48k in taxes  

By putting 10% down I probably will be less than breaking even every month ((like an extra $800-900 per month at very low/conservative rent prices)  with the building fully tenanted (as is condition not counting value add with renovations). 

I use them in just about every flip and even some new builds depending on the price point.