Normal mortgage rates are in the high 6's now, for a personal residence, and higher for an investment property. 

As far as purchase price - I find older homes you can get a much better price on and rehab and still be slightly under market value - and the rent will support the mortgage and expenses.

@Heather Bailey When house hacking with a separate rental unit, ensure proper insurance by obtaining landlord or short-term rental coverage tailored for Airbnb activities, in addition to your primary residence policy.

@Kayla Elliott  Hi Kayla - this was a commercial mortgage loan with a local bank, that held it "in house" after it was issued. 

The outcome was a beautifully furnished home in a prime location with a low mortgage that generates consistent cash flow.

You don't need a mortgage broker, just a reputable, competent direct lender that will ask the important questions upfront to properly screen your deal.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Now my question is; is ~$2450 rent enough to cover mortgage of $320,000?

As for numbers, I currently owe $86,151 on the mortgage, and on Zillow it is listed at $143,600 but the numbers seem to be inflated on that site.  

For the property I purchase, I’d like to keep my monthly mortgage payments at $2,000 or less.I prefer a turn-key property since this is my first rental, and I want to start generating monthly cash flow immediately without the delay of repairs or managing two mortgages.