There are "deals" to be found in that area, but the schools are poor, and your rental rates will be low. 

Is the 1% or 2% rule mostly only attainable if you buy at a low price, foreclosure, or cash, and put work into it?  

Take for example the following:Rental Property that is for sale near where I live:$80,000 property that doesn't need any repairs (essentially turn-key that I will self-manage) - $900 rent $16,000 down with $2,000 closing costs - Total All-In: $18,000Assuming 5% vacancy, $1,000 in taxes, $800 for insurance, 5% for maintenance, and a buffer of $200 a month, I would cash flow roughly $3,300 a year.https://www.calculator.net/rental-property-calcula...I've been around this forum to know that people will say things like 'well your vacancy/taxes/capex is way too low.'

You will have high expenses on something that old and that low of rent. 1-2 miles makes a big difference most of the time.

With one financed rental property after depreciation and interest the profit seen by the IRS will probably be low or negative

Are the expenses really that low?  

Either call your landlord and voice your concerns and see if they would address the issue or simply go to your local hardware store ( Lowe’s or Home Depot) and get a small piece of thin plywood or some other material to place over the hole that would still allow the lines to come through.

Hi  @Erik Schneider.....I give you a pre-emptive welcome to Vegas! 

Then I could get an idea as to how accurate my numbers are (if I'm consistently willing to overpay then my calculations are obviously flawed, same for if I'm coming out with a very low number).

You can't get those home loans with low down payment the fha and 203k loan.