Looking For Properties in Raleigh
I've recently sold an investment property in a more expensive part of the country and I'm starting to look for new properties to purchase (tick-tock goes the clock on my 1031).
I've settled on the Raleigh area for purchase due to
1) I like the area
2) Raleigh and North Carolina seem to be on the upswing economically
3)I have friends there & it's easy to visit.
I'd like to buy 2-3 houses and I'm currently pre-approved for two $200K houses with 25% down.
I've scanned houses and rental prices on Trulia & Redfin and what I'd really like to find is a few small single family homes around 3 bedrooms that I can rent out for $1050- $1300. That should get me a modest cash-flow positive investment that I can hold on to for 10-15 years.
Does this sound crazy? Which areas should I be looking in? What expectations should I adjust?
Thanks!