Take Indiana for example you can still buy a Multifamily 2-4 units from $90K up to $350K all depending on turn key or need renovations.You also have states like Tennessee, Alabama, Florida, Ohio and others that offer great LTR and STR opportunities. 

It would also depend on how much the rent will increase after the lease.

It depends on your goals.

@Mahbod Norouzi everything cash flows, it just depends how much leverage you plan to use.

Ultimately, it sounds like the decision would depend on the interest savings you'd get.

I think it is dependent on your comfort level with the tenant. 

This cost variability depends on factors such as system design, property size, soil type, and system capacity requirements.

It really depends on your specific circumstances.  

There are ways to develop in non flood plain markets and not every home in florida requires flood insurance it only depends on flood maps. some areas don't have it.

Depending on the property a quick cosmetic rehab will run 2 to 3 months with contractor scheduling  tight , to 1 year if they run into unforseen issues .