I think investors who are simply comparing the difference in cap rates between investing in California market and the Midwest are making a mistake. 

The purpose of a BRRR is to get all your money out.

You need to compare asking price with sold comps!

@Phillip Tamez, I determine the mid-range rent utilizing comparable rentals in the area.  

Sorta defeats the purpose of an investment in my opinion.You could end up with close to 50k in your pocket.

I did something similar when I started I picked 3 cities after doing tons of research visited all 3 and made a decision.When I visited I saw they were building a new monorail in CLT and decided to invest there.Another thing to consider to make your life easier is compare flights from your home base.

What a time it has been...just wanted to let everyone know im good ( for the ppl that care) lolSo in my last 12 months ive done almost 2 mil already and pipeline is steady flowing.I am happy to say I have now accepted a position as a closing agent at a NE Cleveland investment firm.Did it all as a solo agent and i just wanted to say first to everyone here thanks for your words of encouragement and advice....This real estate has changed my life in so many ways...I got my first rental and currently house hacking, my mindset is so unbelievably unmatched compared to fellow agents.Things are finally turning around ( prayer hand emoji)

Acquire the business owner mindset now by doing and giving your future earnings purpose.

It's easy to understand the math when comparing APR's and return rates, I suppose it all comes down to commitment to a strategy and risk tolerance.

As a residential property, it would go for less than $200k, but since it's zoned for commercial uses, the seller is asking $600k.I'm looking up comparable properties on Loopnet and Craigslist to compare what similar land is going for in Garland.