Century 21 The Real Estate Group
$25k would likely buy you no more than a $100k home, if that ... lenders require at least 20% down these days. If you own any other property, including your primary residence, you'll also have to show six months' cash reserve for each of them.
At your price point, the property will probably be located in an area that brings lower rents (maybe $800 to $950), and will almost certainly need some work ... could be cosmetic, structural (we have issues with slab foundations here), or both. Right now, we're in the midst of a strong sellers' market here, so be prepared to pay somewhat more than you would have a year or so ago, since there's so little inventory and hundreds of investors looking for property.
You're choosing to invest in one of the hottest markets in the country, and will be in competition with individuals and companies that buy, renovate, lease and flip property for a living ... many are cash buyers. I don't know if your timing is quite right. It's probably not what you want to hear, but I do business in an open and forthright manner. Please feel free to get in touch with me to further discuss your options.
Trend Setter Realty