Is the 1% rule still a good method for calculating rental units?

[Matthew Trevino]

My wife and I want to use the equity out of our current primary to purchase something nicer for a growing family and Turn this primary into a rental.

We are looking at a home in south Texas that has no offers yet, been on the market for 42 days.

IS it wise to use a Heloc for the 5% down payment and save what we have in our accounts in case we struggle with vacancies?

Also, would like to know if the 1 percent napkin rule is still a good rule of thumb into weeding out properties.

I want to be able to purchase a primary that will turn into a rental.