Well, I wouldn't buy a property that barely covers the mortgage, but I am definitely loosening my standards. 

At least when I had my quotes they barely paid anything out because my roof was too old in their eyes. 

I went to a four-year university that barely cost that.

It was pink, but I thought it tied in fine with the formica countertops.  

@Gabriel Rinato If you are moving, then why bleed out $21k+ in taxes and insurance alone just to save a few bucks on capital gains taxes if you have to wait to sell (not sure where you are on the time line)  I guess you have to perform the calculus there and talk to your CPA to come up with the ideal scenario.Option 1, presents a bare minimum negative cash flow of $8500 a year if you rent for aforesaid amount of $3500 a month. 

I recommend you try and take a look at Columbus, Ohio because it has an affordable market on the east coast with a thriving economy and home.I would actually consider investing with a bare minimum of 1% rule.

Trust me when I say that code is the bare minimum and not for the highest quality construction.I’d approach this with an application, rather than a product approach.

Barely out of college, with a newborn, wife unemployed.

That's going to be the bare minimum. 

I wasn’t clear as to if being an active investor (“real estate professional”) versus passive investor has any baring on whether I need to file 163(j) or whether it is my request to do a bonus depreciation that resulted in my CPA filing 163(j).