The city is pushing for a Kentucky version of the Low-Income Housing Tax Credit to boost affordable construction, sales-tax exemptions on building materials for homes under the median price, and zoning tools that help projects move instead of stall.

Since our market is low income Medicare and VA markets the land can be with in any distance (as long as we can get staff) from major city, thus cheap. 

Cash flow pays bills, and appreciation grows wealth.If your goal is long-term financial independence, then you need a rental income that increases faster than inflation and will last throughout your lifetime.

I believe every appraisal has included an income approach for reference only.  

Hi, my wife and I have moved in with family member and rented out or paid off primary residence that apprised for $171,000 for $1,200/month I understand that is low for the value.

So we're not rich but with our incomes combined and almost no debt we make a decent living (for the area we live at least).

@Gregory Kohler - Based on the photos, I'd say your renovations estimations are way too low.  

Ultra-low interest rates and quite low RE prices.

I’d also be thinking about your taxes from the start, understanding the difference between passive vs. non-passive income, and what works with your current income, and see what you can do to make the most of it.You can write off things like mortgage interest, property taxes, insurance, repairs, improvements, depreciation, and even take bonus depreciation on certain components with a cost segregation study.

Based on that income range, we target homes priced $350,000–$475,000.My approach was simple: identify where this tenant segment already lives and buy similar homes.