@Ian Bower for a 120K loan, it's in the range of normal.

The building is in the $6,000,000 +/- value range and I have a primary mortgage of $650,000 +/-.

Im located in Colorado’s front range and a total rookie!

They range from  50k to 70k per year without cleaning.  

Sounds like you have a good understanding of the strategy.I normally work with clients by giving them a price range of a property they need to buy to get to their desired tax bracket.Best of luck.

The income necessary has a wide range depending on loan terms and house hacking where rent can be applied to income requirements.   

Your range can be from going to your local library for free to spending 90K in some cases.

I think of it as a range of rental prices of comparable properties and my goal is to make a good return on the lower end of that range of values.

I've noticed that oceanfront condos seem to be the only preferred option in the $400,000 to $500,000 price range. 

Going to those places will help you stay in your budget and cash flow better too - with property management built in.The hard part with the smaller towns is that they don't always have the big property management setups so thats where you'd have to do some leg work to find ones that do.And you might be able to do bigger str towns or even cities in that price range.