Less than a 2 hour drive from SF and the barrier to entry (a.k.a. price) is much more approachable for someone starting in the business compared to the Bay Area or along the coast of CA.

However, when compared to Kansas City, Memphis, or Ft Meyers, Knoxville is still a small market.

With that in hand, you can compare similar existing units and determine rent comparisons to have a credible feasibility plan for your lender.

I am totally out of my element in Queens/Harlem though and anytime I looked there, the numbers never made sense for me (unless I was counting on appreciation).

I know appreciation can be a gamble, as compared to cash flow. 

I know appreciation can be a gamble, as compared to cash flow.

Forget demolition costs - that's pennies compared to everything else!  

I tend to use the worksheet to find my magic number for the property and either watch until it comes down or compare the final sales price to what I needed the number to be and wonder if the new owner is making any money.

I'm currently in Midland Texas and am strongly consider a move to the San Antonio for the simple fact that the area has a solid market compared to my current area. 

Rental income is a function of the competition from other properties as compared to total demand for housing.