Usually you shoot for $100+/door at this rent range.So if you can purchase the property for $40K financed the way you want, and have $8K laying around for initial repairs (or at least in reserve for when it happens), you're in pretty good shape.One side note on financing such a small amount...if you find a bank to do it, keep in mind it will COST you over $30K if it takes you the full 30 yrs to pay it off.

Not having the experience I'm shooting in the dark but I feel as though @Aaron Mazzrillo's buyer at 85% is willing to buy so high because the profit is still very high when compared to the amount of time spent.

I've successfully done this many times.Love it Aaron, I'll certainly shoot for that first.

The only edit I would suggest is to shoot for higher :) You are young so you can end up buying wayyy more than 3 properties and end up with a very liveable retirement salary.I agree with you about the tenant concern.

Shoot me a message with you email address and I will reach out to you.

Just throwing these figures on the back of a napkin and this is shooting off only a >3% cap rate.

Some folks say to assume 100% financing then shoot for $100.The 50% rule doesn't appear to have much of a geographical factor.

We are shooting for the second week of November and are still trying decide the best day.

It had an actual shooting range in it!

If you can't find it and sign up through meet up just shoot me an email and I will add you to our list.