This is one example of a 1-2% area, I am sure there are others, keep an eye out for satellite areas if this is the cashflow you target. 

I’m looking at a similar strategy as you, starting with a small investment first — but I’m eyeing a larger investment in the future for sure. 

I am an investor in Tennessee and North Georgia, and have had my eye on NC for awhile now.  

I do plan to hold it in an LLC, have good insurance and umbrella as well. 3) Older homes in PS - most of the homes in PS are built in the 40s-50s and for those that own them, do you constantly run into issues with major ticket items - plumbing, electrical, etc (things that are not visible to the naked eye).

Without some on the ground knowledge those really low prices in some of the neighborhoods can really play some tricks on those "out of state eyes."

If you've been living in the area for a while, you surely have a handyman, plumber, etc, and friends who can be your eyes.

So in my eye's a good DSCR rate with a 3/2/1 is acceptable because worst case you refinance after 2 years and only pay 1% of the loan amount as a pre payment. 

Agree with all the people who say not to get a partner and look into professional property mngt instead or a property closer to you that you can keep an eye on.

It looks bad on the tenants each day for a building to be unkept in the eyes of the consumer patronizing their business.     

Plus, it's cool to meet new people and have your eyes get opened to new perspectives and possibilities.