This is going to range wildly from market to market.

Most of the big land wholesalers whole-tale the deals, meaning they actually buy/close on the land (using their own money or other people's money) and then list on the MLS to sell, because it is very difficult to find buyers without widely marketing it. 

That lower price range house that’s not a total tear down is not common though.

If you get a little further out from LSU, you can probably buy in the mid $200k range and cut $200-$300/month out of that.

They would not be able to add to the portfolio as they go, though.With lower leverage in the 50% LTV range, they could expect to be in the 6.45% range on a 30-year fixed today.

The cost to remedy a bad sewer line is very high, generally in the $10k and higher range.

Is there a neighborhood you recommend in that price range 200k for a long term rental ?

Condos/townhomes range from brand new to 6 years old. 

I'd suggest narrowing down to a few markets to explore, then reaching out to investors in those markets versus throwing a wide net.Cheers!

The mid range is around $1950.