My investor bought it for 65k with the intent to gut the house and sell as a nice fully rehabbed 3 bed.

I started by house hacking several single family homes.

I've got some leads on nice houses, but I don't know the neighborhoods.

I still think looking for a TLC 2-4 unit can be a good idea to open up the ability to upgrade/renovate to speed up the equity position and tap into the ARV to pull your initial capital back out plus in most cases enough for the next down payment. 

I currently own one rental property in Fort Worth and own one house which I occupy in NJ.

This increased demand and consumer spending during a time of extreme low supply, means prices go up.Remember, this is the third inflationary housing policy in as many months proposed by the federal government, all during an extended 3-year time period of high inflation, which is still near double the Federal Reserve’s target rate.

We are looking for homes priced around 500k (including renovations) and revenue 50-60k per year.

Many communities (like those on the OR Coast) are small and have genuine housing shortages and challenges.

- Occupy one or two of the units until we stabilize, then maybe buy a house?

However, my review of several potential students' housing deal in Arlington TX 76013 zip code gave me negative numbers with Biggerpocket's calculator.