In general, have been looking at towns that are just outside of comfort for daily commuting into New York City (>75min) so are not AS expensive as closer cities but still can cashflow as a rental.Am considering a condo (HOA is pretty well managed and allows rentals).  

We have debated a couple times whether he would have done better investing in San Diego - we agree to disagree.  

Quote from @Alec Boe: Quote from @Sam Leon: Quote from @Alec Boe: There are a couple ways this can go.

Same for 2-years of job/income stability.Tenant Default: 10-20% probability of eviction or early lease termination.Section 8: Class C rents usually meet program requirements, proper screening still recommended.Vacancies: 10-20%, depending on market conditions and tenant screening.Cashflow vs Appreciation: Should cashflow immediately, at the lower end of relative rent & value appreciation.Class D Properties:Tenant Pool: Majority of FICO scores under 560, little to no good tradelines, lots of collections & chargeoffs, but should have no convictions/evictions in last 12 months.

That being said, I seem to be doing better than most.I had a couple large ticket items to fix last year that really ate into my profits, but I still ended up positive and with a great retreat from the city that pays for itself.

It may also be less management intensive than STR due to fewer turns.

Quote from @Bobby Andrews: Quote from @Clayton Silva: We do have some NonQM products that go to 80% LTV on cashouts, but the pricing adjustments are usually pretty rough so most people just take the 75 instead. 

We've done well just north of Lackland, but primarily look in a few neighborhoods near the airport and a couple spots close to downtown.

I assume greater than 1.?

You can also usually use 110-120% of market rent if you do have rent verification.