Its also a good idea to build relationships with realtors, contractors, insurance agents, real estate attorneys, and property managers in your area so take advantage of events, conferences, and meetups.

I know taxes and insurance have gone up a lot in that time so I understand that problem but the solid rent increases in that time have been able to cover most of that (at least for me it has worked out).

Much of Florida is in a similar boat, especially since insurance has 2-3x in the past 2-5 years.

Title insurance, if paid by Buyer6. 

Then you will have a principal and interest payment of around $13,450.00 plus Taxes and insurance so add in another $2800 for $16,250.00 a month. 

This is the point that in my mind the house has reached a balance point and is stable.

Does anyone know of any good insurance brokers as well ?

If this is not available then we have done demo and just removed the structure.Sidenote for people who see the title: Do not burn down a house on purpose for insurance reasons.....That is called fraud and is criminal :) 

All the markets you mentioned are solid choices for affordability and long-term growth potential.If you’re looking to narrow it down, consider Indianapolis or Columbia, SC, as both have strong rental demand, landlord-friendly laws, and stable economies.

Even in the nice locations, most top out around $2,800.Of course there is also your increased insurance, vacancy, repairs, CapEx, and the never mentioned reduced rent on the main house since having a stranger living in your backyard usually isn't appealing to most renters.