Probably closer to 2 homes with leftover money going towards rehab costs. 

@Christopher Davis you can 35-60 mins from Nashville and get to you numbers closer to that 1% target. 

@Patrick Merone That is great, looks like you’re only getting closer and closer to getting a property.

We planned on selling our home on Cape Cod and using some of the profits to purchase the STR (likely a small cottage closer to the water) plus a new primary residence.

Assume that most of your costs aren't 5%, but closer to 7-8%.

@Ashley Rodgers You could probably get this in any of 10 or more Midwest states...you're in the clouds and will have better understanding the closer you get to the ground.

Mableton specifically has a convenient location (closer to the Midtown, Downtown, and the Battery than lots of other suburbs), it is also very ethnically diverse with no one ethnic group as the dominant group.

@Barbara Chennault really depends on the street, like is it close to Wayne State or closer to Dexter/Linwood? 

many lenders want your debt to equal 40 - 50% of the income you have coming in each month (most are closer to the 40 end of that).

I think you have to decide whether you want to be closer to the city(ITP/In The Perimeter) or the suburbsOTP(Out The Perimeter).