Minimum total price for a smaller, yet still “efficient” property would be in the $1,500,000 + range in the less expensive states.

The size of the lots range anywhere 1.5 acres to 3 acres.  

This concerns me because now the ARV could be $260K range.

There are opportunities within the price range you mentioned, you’ll just want good local guidance about the areas to consider/avoid since Indy can vary a lot.

I've seen answers ranging from 10% (which seems crazy low) up to 50% (which seems insane).

Cap rates or yields are in the 6% range give or take and interest rates are 6-7.5% depending on property, lender, etc.

In Memphis that 80K to 125K range is often in rougher areas.

I’ve been involved in multifamily real estate for over 20 years, working across a wide range of property types and markets.

@Christina Hall All of my rentals are below $500K purchase prices and therefore qualified for "modeling cost seg" which is a much cheaper (like $400 range), report which accomplishes the same goal.  

Generally, electing to be taxed as a partnership or an S corporation can provide a broader range of deductible expenses and potential tax planning opportunities.