So to calculate a real return you had better factor in the reality that your homes will rapidly lose their value.Thus a large part of your projected cash flow is a return OF your capital not a return ON your capital - i.e. you are gradually liquidating your own business.If you were buying near-worthless old homes for much less money, and buying land already developed as pads, to get your lot rent - that would seem to make sense.

If you do not need to rent to students then the market can be pretty good since the town is growing rapidly, but a few large apartment and condo buildings just went in which have increased the supply tremendously and could lower demand. 

Take a look at Rapid City, SD.

I am in need of an excellent and affordable contractor in Grand Rapids MI.  

Westbrook is a rapidly gentrifying mill town, with great employers (IDEXX, Maine Health), but it's closing in on Portland-level real estate madness.

Being creative to come up with the down stroke is the main thing that helps a lot of savvy investors scale rapidly.

I'll still go ahead slowly raise the rent in small $10 - $15 increments.  

I am a local Realtor and investor in Grand Rapids and if you have any questions let me know.Thanks

I recommend checking out Columbus if you’re after appreciation, with its rapid growth in jobs and population, and look into Cleveland and Dayton if cash flow is your focus. 

I am also new to the industry and learning rapidly.