Purchase price: $165,000 Cash invested: $32,000 2BR/1BA in central location.

I'm located in Birmingham, AL.

The property is conveniently located 1.6 miles from the University of Akron and 2.2 miles from the Children's Hospital.

If that 20k can do it in your location than great, if not wait a bit and buy something in a more solid area. 

I'm a young investor located in seattle, who has done their due diligence studying real estate and it's strategies.

@Jesse LeighRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.When investing in areas they don’t really know, investors should research the different property Class submarkets.

This is more speculative, but if you have that belief and are flexible with when you wish to cash out refinance, it may make sense to put the cash up to purchase the property if you don't need the cash now and want to secure a property.

The jobs are fantastic and being located near the heart of these communities is even better, but the areas are still challenged and there is still little appetite or demand from locals to own in these areas either as investors or owner occupants.From 2007 to really 20011/2012 it was not so much that the rents dropped because of value, it was the challenge of being able to get a qualified resident into a property and keep them there.  

Do not discount the initial security deposit.

I am practicing evaluating properties online, and I have secured renting a month-month room from a friend for when I return to Royal Oak in April.