A multifamily home can be a smart move though, especially on Long Island where prices are high and rental demand is strong. 

You might also consider short or mid-term rentals in high-demand zones like hospital or tourism areas to boost returns.

For example, researching my market, Little Rock, it says:🏘️ Little Rock, AR – SFR Investment Market Overview🔹 Market SnapshotMedian Home Price: ~$190,000 (well below national average)Median Rent (3BR SFR): ~$1,200–$1,450Rent-to-Price Ratio: ~0.7%–0.9% (higher in some zip codes)Cap Rate Potential: ~6%–9% (depending on neighborhood & condition)Vacancy Rate: ~5%–6%, lower in workforce housing neighborhoods📈 Why Investors Like Little RockStrong Rent YieldsHome prices are low relative to rent, ideal for cash flow-focused investors.Many zip codes in Little Rock exceed the 1% rent rule.Landlord-Friendly LawsArkansas ranks among the most landlord-friendly states.Quick eviction process, low regulatory friction.Diverse EconomyMajor employers include healthcare systems, state government, logistics hubs (FedEx, Amazon), and aerospace.Home to the University of Arkansas for Medical Sciences (UAMS).Stable Tenant BaseHigh percentage of renters (estimated ~42–45% in Pulaski County).Strong demand in B-class and workforce neighborhoods.Underserved by Institutional InvestorsLess competition than Sunbelt cities like Dallas or Charlotte.Room for growth and acquisition before prices inflate further.I agree and find the above accurate!

From what I’ve seen with my clients and residents, there’s a clear demand for pet-friendly spaces.

Here’s a quick breakdown:Allentown / Easton / Bethlehem (Lehigh Valley): Growing, strong rental demand.

Here are a few thoughts to help you think it through:If you rent the vacant house:You’d be building long-term wealth through cash flow and appreciation.It could become a stepping stone: Use the rental income to save for your next home, as you mentioned.You’d gain valuable landlord experience without taking on more debt.You may also qualify for financing on a new primary residence with better terms (owner-occupied loans tend to have lower interest rates and down payment requirements).Just make sure to factor in:Local rental demand (how easy it is to find and keep good tenants in your area)The condition of the home and what it would take to make it rent-readyWhether you’re up for managing tenants or if you’d prefer to use a property managerIf you sell it:You’d get a lump sum that you could use as a down payment on your next homeYou’d avoid the responsibilities that come with being a landlordIf you separate the deed, you may increase the property’s marketability and make the transaction smootherThe tradeoff is that you’d miss out on long-term rental income and appreciation, which can be powerful over time, especially in a market where home prices or rents are expected to rise.If you’re not sure yet, you could always fix up the vacant house and test the rental market.

We think the site crashed last night due to demand.

A healthy correction can definitely help sustain long-term growth, especially for single-family homes.That said, it will be interesting to see how much pent-up demand actually absorbs the available inventory over the next 90 days.

@Ken M.Great point — I completely agree.The neighborhood, price point, and buyer pool make a huge difference.I’ve seen it work on more entry-level flips or mid-tier homes if demand is high and buyers can overlook a few unfinished details.

Since the cost is the same and you’re holding long-term, think about your target renter and what style will attract the most stable demand in that market.