That is a very good question from which you will hear a diverse range of opinions.My philosophy over the years has changed.

Should I go the route of getting a SFH 3/2 and OC it for a year then rent it out after that year, or check out some MFH if availble in that price range?

I'm looking at SFRs in that price range, and I haven't found a lender yet that will finance under about 50k.That said, running the numbers with the 50% rule, your yearly gross income is $3300.

I've called pretty much every builder in Wichita and this is what they've suggested since no one really builds homes here for the price range this neighborhood warrants.

Lot easier to move forward with a deal pre-approved then having to back out because you can't get your financing in order.Also, when you get pre-approved, you know how much you qualify for so you know the range of properties you can buy.

Since you'll be seeking financing ($10k down), my advice would be to get savvy on underwriting guidelines (especially Debt-to-income ratio) and make sure your credit score is in tip top shape.There are definitely markets in that price range!

I've bought several houses in downtown NN and Norfolk for 10k to 25k range and they rent for 700-900/mo pretty easily and some require minimal repair.

So, in order to make the numbers work for me, I had to purchase my unit in a certain price range.

Hi members,If you are not familiar with local area cap rates, what will be a safe range for it?

Houses range in 30-45k, and rent is 550-650 per unit (2bd).Also how easy is it for someone to get a loan on a property that is worth less than 50k?