I recommend purchase over renting for anyone that is planning on living at the location more than 5 years.   3) because you are not really looking for an investment opportunity but instead a home to live in and enjoy it is more important to buy the place you like than purchasing a little below retail (investors in general do not want to pay retail for a place but they typically are not living there (a few exceptions about living in investments such as for house hackers)).I was scared when I purchased my first home. 

Our typical Profit is 5-10K per deal. 

Utilities are not separated and would be paid by me (and are included in the costs).For garbage, there is a pre-existing deal with the college house across the street.  

,RealtyTrac data is typically very stale, or was last time I used them a while back.

I was about 5 days from closing on my first place (an up/down duplex + cottage)...when the lenders (a typical residential / investment lender) said he would not fund the transaction...because the appraisal came back saying that it was a "raised mobile home" - and they don't fund mobile homes.It wasn't obvious that this was a mobile home by sight - apparently it was just the foundation of the mobile home that was used and then was re-finished (new siding, new roof, etc).  

You can't tear sheetrock out of a home while in contract (typically), but you can sure as hell give that dog a chance to smell around and see if it detects anything. 

You just typically try a little harder.  

Those ASU college kids you're going to be looking to rent for will do damage to your place, and they typically turn over every year, so that will eat into your cash flow.

So my husband and I have a combined $25,000 ($11,000 in mine, and about $14,000 in his) in old 401k's that I am looking to possibly use as down payments for rental properties in either a self-directed IRA or something...

@Robbie Reutzel I mean no ill will towards you, with you regarding House Hacking, but you are speaking as a typical Realtor.