Starting off I’m looking for light to medium rehab while I learn the process.  

Noticing a pattern lately:Some properties that look overpriced at first actually make more sense after adjusting for realistic rents and PM costs in this area.Examples:• 3-bed units renting faster than 2-beds• C-class neighborhoods showing surprisingly low vacancy• Light value-add increasing rent by $150–$200 with minimal workAnybody else seeing similar patterns in their underwriting?

One light fixture across the entire portfolio.

With values up in many markets, even a light cosmetic refresh (paint, flooring, curb appeal) can help you get top dollar without a full renovation.3.

I would not recommend a flipper start getting into new construction without the experience, they are two different things  - no different than someone trying to go from residential to car washes etc.

Here’s something I’ve noticed lately while running numbers on small multis (2–4 units) across the Triad:A lot of investors underestimate how strong the rent-to-price ratios still are here compared to other Southeast markets.Typical small multi deals I’ve been tracking:• Purchase price: $170K–$260K• Rents per door: $900–$1,200 depending on the neighborhood• PM costs: 8–10%• Taxes/insurance still relatively low• Most deals landing around 6.5%–8% cap with light value-addNothing crazy, but steady, predictable cash flow — especially for out-of-state investors who want an easier entry point than Charlotte or Raleigh.The biggest tip I’d give newer investors is:Run your numbers with OPPORTUNITY in mind, not perfection.Cash flow still exists here, but only if you look at realistic expenses and know what areas rent fastest.I’ve been checking out different pockets around Greensboro and High Point recently, and there are still opportunities.

Instead of howling at the dark, @John Clark: why don't you light a lamp for those who are lost? 

But a lot of folks writing those books were washing cars in 2008-2011, when the entire vacation rental market came crashing to the ground.  

I live in Wash DC and have a busy career so I assume I'll need to have a local manager.

I underwrite to be all-in at or under about 70–75% of conservative ARV, expect to leave a small chunk if the appraisal or DSCR comes in light, and only proceed if the cash flow still pencils after the refi.