It's a very diverse market here...but I can say that prices are rising across the board on any and all real property. 

Rental rates are also rising, so it may not cash flow today, but in 2 years, it might.

There is a demand for affordable housing in this area and the local economy is on the rise with new businesses coming back to the area and the base has built a few off base facilities in town. 

I know one person who's had success with that, but it was a nice high-rise condo on 17th by all the law firms, so CHBO attracted more of that type of crowd.Good luck!

@Jen NarcisoIf it’s a tank type water heater have the tenant send you a picture of the temperature setting dial.

On the other hand, I am single and my MAGI is under the $150K now, but it is expected that it will rise to over $150K once married/wage increases. 

Been renting for years as we have been trying to improve our credit as we are always chasing the rising home prices...

It will be hard to escape rising housing costs.

I doubt we'll return to the 1980's decade of ever rising interest rates so you'll probably be able to refi in 5 years and improve the cash flow a bit after you've moved on to your next project.

I do not know your experience level but generally very experienced sponsors with decades of experience often see things that newer investors might miss.Would not do a 3 year fixed that adjusts unless you are confident the cap rate is going to rise way up.