Purchase price $45KRehab 47KARV 135KRents for $785-8004/3 single family c+ to BI can refinance it at 3.6% and take out 100K and have an infinite ROI, but it will only cash flow at $42.79 after property manager, vacancy & repair.

I want to put the property up for rental to decrease the vacancy time.

A vacancy can eat that up.  

I initially was looking in Milwaukee but from what I was learning is there are stronger cash flow with lower vacancy areas in secondary markets.Whats your opinion on Sheboygan?

He can look in the town where he lives as well as nearby locations.I'd buy in a good neighbourhood where vacancy rates are lower. 

You probably have to generate your own distressed lead sources to get better deals...or invest in the future....in my experience rents in DFW have come up...so maybe your first year is a bit negative, year 2 you get another $50/rent....and as long as you keep up the property and do upgrades on vacancies, and don't just never put money in it and drive it into the ground, value should go up. 

Also look at what the increase in rent is and realize if it is a big increase, you may have a vacancy on your hands. 

@Braden Hobbs That's a tough situation but is it that you're not able to fill the vacancy after that point in time or is it just going to take a little longer? 

Typically what I do is 10% management, 10% maintenance, and 5% vacancy right off the top of the revenue.

Maybe you could sue the HOA, possibly in small claims court, for the cost of your vacancy.