(I may be missing a some so others please correct me if I am wrong/missing) This is 1000 ft view explanation.1) No cash out Refinance- Changing the terms of your mortgage loan without drawing out any additional equity from home.

Is it an influx of new people and whats the main draw - employment, entertainment, outdoors, quality of life?

@Josh Delaney The value of the property will be annual income minus expense, divided by CAP.

That's unusual.This thread is a good example of the difficulties in not having utilities fully divided.

The other thing to keep in mind is that a property in a market that size is not likely to draw customers from the entire area but instead will draw from a 2-3 mile radius. 

$5475 monthly income divided by 8 doors tells me your average rent is under $700.

If you buy 4 of these then your share will be 4 divided by the number of paying owners.

I did also do research on Turnkey companies, but I found that it many peoples' experiences weren't seamless and the houses weren't necessarily low maintenance (Which to me, was the draw in the first place).

The Water Campus, Tin Roof, and the building where monochrome is located( drawing a blank of the name) are all examples of the growth.

Last (for now): your rehab budget will likely be distributed in draws that you set up in advance with the lender.