Just some food for thought here.
There are 23 active condo listing in southern PG county between $16,000-$45,000. Don’t believe me; take a look for yourselves. Now some of them do need work. Lets say $5000. Plus closing cost. Lets estimate high and say $3000. So for roughly $53,000 cash you could be the owner of a monthly rental income, and that is if you purchase one at the $45k. These properties rent from $900 for a single bedroom and up to $1600 for three bedrooms.
$53,000.00 initial investment
$500.00 yearly condo fee (owner always pays condo fee)
$500.00 yearly home warranty (always a good idea in case something breaks)
$1600.00 (equal to first mo. rent) Listing fee
$55,600.00 Total investment
If you rent it for $1600 a month it will take you around 3 years to get back your investment if you manage it yourself. If you have a management co. do it, take 10% off each month. At $1440.00 around three and a half years.
After that you have a steady income of the rent amount.