Payday loans, broken or boarded up Windows, unsavory characters, a lot of trash etc... really indicating you are  on the border or edge of the bad part.  

If you know in advance that your lender will let you remove PMI once you cross that LTV threshold, putting down less money up front and paying down your note faster as you can may be the way to go.

I do have a reserve, however it never crossed my mind that a portion could be used as a CAPEX hedge.

And willing to explore anywhere within the triangle that is bordered by Paris, Waco and Wichita Falls. 

I'll send you a connection request and maybe our paths will cross in our market.

I primary invest in Gaston (Belmont, Gastonia, Mt Holly etc) and Cabarrus county (Concord and Kannapolis)  (they border Charlotte - Mecklenburg) and own rentals in each. 

Fingers crossed! 

If you want to go a bit further, you will find more opportunities in the Fredericksburg area or in Prince Georges County if you cross the river.If you want to consider condos, there are plenty in Arlington - Alexandria within your price range.

But be advised, that some times crossing a street could put you into a different flood zone. 

As you know, Madison like most any market it seems, is seeing super low inventory (on the MLS) and high buyer demand for single family homes (last week I was amazed to hear of a property out in Cross Plains (small community about 20 minutes from Madison) getting 30 offers and got bid up WAY over asking) so with so many people competing for homes they want to live in, always found if you want rental income you really have to get into multi-family units.