If I were building, or rehabbing a home, i'd look to build a nice 3 bedroom 2 bath at 1800 square feet, with great floor plan, quality kitchen, modern baths, and hardwood floors. 

Even if you start off smaller with a four unit, the demand is there if you own clean, modern units in good locations. 

We purchased the property from the County Land Bank following a tax foreclosure, and tore down the back half adding a large modern addition.

Combined income $220k-$280k.

If you have not already been told of the Real estate groups they are:South Dakota Real Estate Investment Association:https://www.facebook.com/SDREIA/South Dakota Real Estate Investment Club(combining with above group):https://www.facebook.com/SiouxFallsREIC/South Dakota Multi Housing Association:https://www.facebook.com/SDMultiHousingAssociation/There are others but these are a good place to start.

We use very modern and trendy colors.

It combines personal finance by taking psychology and behavior into account. 

You can also do a combination of the two.$250 Non-refundable fee:  This appears to be a general fee at move-in. 

I would find a private money lender or a cash partner, combine our resources, and purchase a solid value add property with good cash flow potential.  

The purchase price, combined with the low downpayment, will make it impossible to have positive cashflow unless you can get significantly more I rent that you have proposed.How do you plan on BRRRRing in this situation?