Out of State Rental
I currently live in the DC area and unfortunately getting anything going here requires a large reserve of capital. I'm 23 so I'm still in college (last semester) and am currently gov. employed,I would like to invest but can't afford it in DC.
Would any of you recommend buying an Out of State Rental property in a place like Texas or anywhere else where the average home price is $80,000-$100,000? I have about $20,000 saved up to invest.
If I can obtain one of these properties that rent for about $900-$1,000 with $400 mortgage payments. I should have it cash flowing buy about $100 after repairs and vacancy is accounted for.
Does this seem like a good plan?