But you would be wise to heed the warnings you've received from several investors with decades of real world investing experience.

If you can add value with a few small changes under $10k in renovations, like adding a bedroom or doing minor upgrades such as light fixtures, paint, furniture, or converting to mid-term or short-term rental, you could see rents jump by several hundred dollars.

If you’ve already cut to $135K and it’s still sitting, it might be worth getting a local investor-friendly agent to walk the property and give you a realistic “as-is” price vs. light cleanup vs. full retail-ready.

Louis, MO – Class B/C neighborhoods can work well for BRRRsSoutheast:Birmingham, AL – Good mix of cash flow and appreciation, great turnkey inventoryColumbia, SC – Affordable entry, growing population, good PM optionsAugusta, GA – Military + medical rental base, steady returnsThese cities still offer purchase prices under $200K, with the ability to go all-in on a light rehab BRRR under $150K in some cases, perfect for your budget.2.

As an LP myself, who will likely get flushed on a deal with a syndicator, I believe that this industry needs a bright light shined on as many operators and capital raisers as possible.

I actually grew up in New Jersey as well, so I completely get where you’re coming from - it’s a tough market to cash flow in unless you're buying with a ton of equity or appreciation as your main play.Since house hacking isn’t an option for you, a lot of investors in your shoes are looking out of state, especially in Midwest and Southeast markets, where your equity can go much further and actually produce positive monthly cash flow.Here are a few strong options to consider for buy-and-hold rentals:Columbus, GA – Affordable price points, solid rents, and a stable tenant base.Ocala & Citrus Springs, FL – Growing population, no state income tax, and landlord-friendly laws.Memphis, TN – Strong rental demand, established property management infrastructure, and high cap rates.Akron/Canton, OH – Low purchase prices and consistent rental income.Albuquerque, NM – Often overlooked, but has strong appreciation potential and decent returns.You can use the equity from your NJ home as a down payment on a turnkey single-family rental or a light value-add opportunity in these markets.

Warning: don't partner with anyone you don't know well or lend any money (transactional lender or private lender) to anyone that contacts you on BP 

.- Provide a guidebook with your favorite local spots, especially food and coffee near hospitals or downtown (my favorite when I travel and stay at STRs)- Don’t skimp on great lighting and high-quality bedding.

On the flip side, in my other units, I am the one footing the cost for things like paint scuffs, lights out, etc. so in a way he is 'managing' the property and covering costs and has been paying me so its proven to be a mutually beneficial business relationship so far.

., carpeting, appliances, HVAC, fencing, landscape lighting).