You either need to choose a property that will appreciate a lot or you need to force appreciation by buying a property that needs work at below market value if you want to reuse your original money.Conventional lenders are going to want 6 months of seasoning before you can get an appraisal based on the after repair value.  

I could be totally off base here though.

I'm based out of Florida, but have been investing in Indianapolis as of late.

I personally would suggest raising the rent and adding in a higher Vacancy buffer, especially if you check the local rental rates and see its plausible based of comps.

The property analysis is based on recognized metrics such as cash flow, ROI, IRR, etc.

Looking to utilize the UTK student base?

Based on the numbers I see, it looks like I would only build equity.

Make sure it is part of closing but expect to deal with evictions on a ongoing bases in a C neighbourhood.

The property is worth 210k and I owe about 140k on it.I have another 80k saved up and would like to put about 60k towards my next property (leaving 20k for emergency funds, rehabs, personal fund etc.)I have zero debt (no student loans, no car payment) outside of the HELOC I had to purchase the first property I stated above and most of my living expenses are paid by my employer (car, gas, cell phone).I am based out of Central Pennsylvania and am looking to stay somewhat locally for my first few properties (Harrisburg, Camp Hill, Lancaster, Hershey etc.) and am not really interested in out of state investing.Just looking for some advice or input on what you would do next if you were in my situation,Any input and info would be greatly appreciated, Thanks!

Being active duty I take for granted the steady pay check the 1st and the 15th unless you have stable base it may be a difficult transition.