Blue,
It’s not a matter of buying one or buying 10.
Realistically, it’s buying 3 or 4 with financing instead of 1, which can lead to better cash flow from the same initial investment. You can benefit from appreciation or suffer from depreciation.
I fully understand property in sleepy little towns in the midwest. Vacancies can be hard to fill, esp with quality tenants, in a “sleepy little farm town”
They often have very little chance of appreciating much.
For $60K, I don’t think that you get perfect condition, and upkeep, taxes, insurance and absentee management will greatly eat into your returns.
Is there a reason why the properties remain unsold when the return appears to be so good ?
Plenty of local farmers have plenty of money. Are they snapping up these houses for the great returns ?
Although your idea is good, I think that the premise of your plan is flawed.
If you can’t do both, what’s more important to you;
your long term goal which may become a disappointment
OR
Having your affordable dream home for your family to reside.