Perhaps it's only performed in a white hot rental market. 

My strike price would be around $240k, maybe a little more in a hot market.Then there's "just go hire a contractor"  hahaha, oh man.  

people and brokers do not understand that Zillow is an advertising company NOT a real estate company . they corner the advertisement market by buying all there competition :                                  Trulia , Streeteasy , Hot pads , Naked apartments all owned by Zillow  it is worthless .

I'm another transplanted Pittsburgher here in RDU - great market to get your feet wet (albeit a bit hot at the moment)

Surprisingly, most of my best deals are clean and fix, then sell fast below market, especially in this hot market.

Are you in a market that was already"hot" and desirable?

And keep the $5k for the 0% APR debt in reserve (or pay for it close to maturity) and only use it for a smoking hot deal.

But truthfully in a hot market rents don't align with price.

@Jessica Harriet, the Portland, ME real estate market is very hot right now and a rent stabilization effort is on the ballot in November.

well I am going to offer some other type of adviceyour one of a million who want to make big money flipping houses.. hard to do very few do it well and its competitive as hellI would in your situation spend the 1k and get a real estate license and hire on with a top producer and get PAID to learn.. in a hot Denver market with high price points you can stumble to 50 to 100k a year... and you work weekends .that will give you a foundation and you will make far better contacts than at meet ups.. .meet ups that I have gone to at least in my perspective are a total waste of time.you have the experienced guys just looking to take advantage of guys like you.. hey bring me a deal and I will pay you a few grand... there is no future in that.. and if you have no money no experience you need to get both.. so that's one way to get into the industry and become a professional..