There are some areas (C and lower) near the city that have some supply within that budget.

Bonus if it's a duplex or triplex, but you can do this with a regular old house.

Dean,I have lenders that I deal with on a regular basis that may be able to help. 

Get multiple quotes from 3-4 carriers on top of your regular carrier.I have found insurance companies are the least likely to have flexibility in pricing compared to other services you buy.

So I can’t find a simple answer as it’s only one piece of puzzle- as supply and demand have huge impacts.Anyway, the good news is if you are really holding for 10-30 yrs, you don’t have to worry about this (too much). 

I'm a bit south of you here in San Antonio and I work with a builder regularly on new construction homes, duplex's and condo's.

There is a massive under supply of housing backed by a big demand.

As for being four hours away, much of the buying process is done remotely anyways.Would I need to commute there on a regular basis or can I do most of the stuff virtually.

Do a search...this comes up regularly.

However if the tenant is already struggling do I want to take on that issue or can I say I’ve supplied it, she’s failed to maintain it.