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Out-of-state investing · with Heather Marchant

Priced out of your own market?

Heather Marchant · Uvestly
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Hi, I'm Heather!

Heather Marchant and her family Heather on the Ouray via ferrata
Where I liveDraper, Utah. My husband and our four kids.
What I do for funAdventures. Hiking, biking, and the Ouray via ferrata in July.
How I got into thisAccounting almost had me. Turns out I'd rather sit across from real people and help them change their money than sit alone with a spreadsheet.

And I look at other people's rental deals for a living. I pass on most of them.

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Why I do this

Nobody calls me because they want a house

They call because they want the day when money stops being the thing they think about. The house is just how you get there.

Here is what they say when I ask them why.

Retire Work because they love it, not because they have to Volunteer more Vacation more More time with family and friends Leave a legacy Help elderly parents More time with hobbies Less money stress

Not one of them has ever said "I want to own a house 1,500 miles away." That's just where the math went.

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Where I live · Salt Lake County, Utah

Let's price the house on my street

Four bedrooms. The kind of house a family actually rents.
Good schools, good street, nothing wrong with it.
Run it the way you'd run any deal. Buy, or pass?

Rent and taxes are estimates for a house this size where I live. Utah taxes a rental on its full value and a house you live in on 55% of it, so the tax line on a rental here is nearly double.

4 bed, 2.5 bath · 2,400 sq ft
Price$675,000
Rent$3,100
Mortgage, taxes, insurance$3,601
Management$248
Cash flow−$749
Cash in, 20% down$135,000
Cash flow for the year−$8,988
Buy it0%
Pass0%
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My first rental · 506 Suffolk Court, Fayetteville NC · an 80s build

506 Suffolk Court, Fayetteville NC

I've never seen this house. I owned it eight years and never once stood in front of it.

Same houseThenToday
Price$79,900$169,300
Rent$750$1,402
Rate4.75%7.5%
Cash I put in$15,980$33,860
Cash flow a month+$226+$142

It takes twice the cash to collect less every month than I did back then. I did not have to be clever in that year. Everybody buying now does.

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You are not priced out of real estate
You are priced out of one zip code

Nothing about the asset changed. Four returns, a bank funding most of it, a tenant covering the note. What changed is that the place you happen to live stopped being a place where that arithmetic works.

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Same wallet. Same week

One house here. Or two over there

The house on my street
−$749

One house. $135,000 down. Minus $8,988 for the year, which is a 6.7% loss before anything breaks.

Perry and Yukon, Oklahoma
+$1,173

Two houses. $135,480 down. Plus $14,076 for the year, which is 10.4%. Both are on my website right now.

Same money, same month, same person. A swing of $1,922 every month, and the only thing that changed is the zip code.

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Before we go looking

Four returns. One investment

A note pays you one way. A dividend stock pays two. This one pays four at the same time, and a bank will fund 80% of it. Nobody lends you 80% to buy a stock.

Return one
Cash flow
What's left after the mortgage, the taxes, the insurance and the manager. The only one you can spend this month.
Return two
Loan paydown
Your tenant retires a little more of your mortgage every month. You don't feel it until the day you sell or refinance.
Return three
Appreciation
The house is worth more later. The slowest of the four, and the one you control least.
Return four
Tax treatment
Depreciation shelters money you actually collected. A loss on paper that you keep in real life.

Most people count the first one and stop.

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You can't plant a tree five years ago

The deals didn't disappear. They moved somewhere you don't live, and they stopped being obvious.

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So let's find out how good you are at this

Four real deals. Buy, or pass?

All four crossed my desk. You get the photo and the numbers, which is all I got. I'm not telling you what I did until the end.

Same money on all four: 20% down, interest only. How you pay for them is its own conversation, and it comes later.

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House A

361 Bay Meadows Dr, Aiken, South Carolina
Aiken, South Carolina
4 bed, 2 bath · new construction, 1,672 sq ft
Price$285,400
Rent$2,200
Mortgage, taxes, insurance$1,607
HOA and management$187
Cash flow+$406
Cash in, 20% down$57,080
Cash flow for the year+$4,872

$4,872 a year ÷ $57,080 in = 8.5% ROI. That is the number you compare against everything else you own.

Buy it0%
Pass0%
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House B

6317 Lemongrass Drive, Columbus, Georgia
Columbus, Georgia
3 bed, 2 bath · new construction, 1,410 sq ft
Price$245,360
Rent$1,700
Mortgage, taxes, insurance$1,384
HOA and management$162
Cash flow+$154
Cash in, 20% down$49,072
Cash flow for the year+$1,848

Your turn. Work out the return before I turn the slide.

Buy it0%
Pass0%
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House C

1733 NE 28th St, Renton, Washington
Renton, Washington
3 bed, 2.5 bath · 2,015 sq ft, with a basement apartment
Price$785,000
Rent, both units$4,461
Mortgage, taxes, insurance$3,851
HOA and management$357
Cash flow+$253
Cash in, 20% down$157,000
Cash flow for the year+$3,036

Same again, and no help on this one. This is a house in a market like the one you live in.

Buy it0%
Pass0%
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House D

3308 S 23rd St, Chickasha, Oklahoma
Chickasha, Oklahoma
Duplex, 2 bed each · 1,966 sq ft · finishing October
Price$345,000
Rent, both units$2,550
Other income$204
Mortgage, taxes, insurance$1,851
HOA and management$216
Cash flow+$687

Last one. Neither number you need is on this card.

Buy it0%
Pass0%
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Three filters. Every deal

Everything a seller tells you is a claim. These are the three places you check.

Filter 1
The Market
Twenty minutes, and most deals die right here. This part is easy.
Filter 2
The Numbers
A few phone calls. Harder, because you're checking someone else's arithmetic.
Filter 3
The Questions
Days. This is the hard part, and the list is never finished.

Three of your four died, one at each filter. The one that lived is on my website right now.

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Filter OneEasy

The Market

1Will the law back you up? Tenant stops paying in January. Are you back in by March, or by Christmas?
2Who's hiring within twenty minutes? Not the state. Twenty minutes.
3Can those people afford this rent?
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A town nobody is shouting about

Chickasha, Oklahoma

An industrial park going in by the airport. 320 acres, with its own power.
A new water plant and new retail, both under construction now.
The governor called it the biggest private investment in the town's history. Nobody outside Oklahoma is writing about it.

By the time the press calls a market hot, the window closed.

I own a short-term rental there. It stays full, and the stays run a month or more. That is not tourism, that is crews.

43 miles45 milesOklahoma CityLawtonCHICKASHA

Forty minutes from Oklahoma City, fifty from Lawton. In the hiring radius of both, outside the headlines.

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House A

The best-looking of the four. It failed filter one

361 Bay Meadows Dr, Aiken, South Carolina

361 Bay Meadows Dr, Aiken, SC

The proforma says it in writing: "Rents confirmed with local property manager."
I called four of them. The first three danced around vacancy. The fourth gave me a straight answer.
Aiken is overbuilt. Expect two months to place a tenant.
Two months empty costs about $4,100. That's ten months of that $406.

So I passed. Paper doesn't know how long the last one took to rent.

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Filter TwoHarder

The Numbers

The seller wrote this page. The seller wants to sell it.

Taxes

On the finished house, not the empty lot.

Rent

A signed lease, not a range.

Insurance

Quoted. Never estimated.

Price

Last. Not first.

A builder I've used for years told me "rents in the $2,050 to $2,150 range." Nobody signs a range. The lease came in at the bottom of it, and the return on the front page was worked off the top.

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House B

Brand new, nothing to fix. It failed filter two

6317 Lemongrass Drive, Columbus, Georgia

6317 Lemongrass Dr, Columbus, GA

Rent on the proforma
$1,700

A range built from dollars per square foot. Nobody had rented this house, or one like it.

What 31907 actually rents for
$1,500

Most 3/2s in that zip go $1,100 to $1,500. One of them is 2,002 sq ft at $1,500. Ours is 1,410. Cash flow goes +$154 to −$46.

Even at the top of the range it was a 5.6% cap and 3.8% ROI. It barely worked in the version the seller wrote. And on a different deal, in Texas: a client of mine signed, tried to cancel two days later, and lost $10,000 to one line on page 117: “Seller does not return earnest money under any circumstances for investors or 2nd home purchasers.”

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Filter ThreeHardest

The Questions

Six of mine. Every one of them cost somebody money before I learned to ask it.

Hands up: which one would you never have asked?

Is there an HOA?0
Who mows the lawn?0
Where does anyone park?0
Special assessments coming?0
Can you even rent it out?0
Who manages it today?0
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The rest of them

You voted on six. Here are thirteen

Separate meters? Is there an HOA? Who mows the lawn? Rent ready, or a list to fix? Special assessments coming? When does the lease end? Is the fridge included? Is the yard fenced? Where does anyone park? Is it in a flood zone? Can you even rent it out? Who manages it today? How big is the deposit?

The one nobody thought to ask is the one that costs you.

This is a fraction of the list. Leave me your email on the way out and I'll send you the whole thing, along with this presentation.
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House C

Two rents, one mortgage. It failed filter three

1733 NE 28th St, Renton, Washington

1733 NE 28th St, Renton, WA

On the page
+$253

Positive from day one.

"Are the utilities on separate meters?"
−$167

One meter. The owner pays water, sewer, gas and electric for both units. About $420 a month.

And that $4,461 was Zillow's guess, not a lease. He owns the rental across the street, and it gets $3,708, under its own estimate. A converted house, so the question was worth asking. On new construction I never ask it.

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House D

Nothing went wrong. That is the whole story

3308 S 23rd St, Chickasha, Oklahoma

3308 S 23rd St, Chickasha, OK · +$687 a month

Market. Chickasha. The town I walked you through in filter one.
Numbers. Nothing is signed until it is built. They market $1,350 a side. I ran it at $1,275.
Questions. No HOA. Appliances and a fenced yard included, and the seller prepays a year of management.

Boring is what survives three filters.

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The part everybody worries about

You are not doing this on your own

The arithmetic is the easy part. What people actually ask me is who turns the key, who takes the call at midnight, and who is standing there when I am not.

Financing. Brendan Kolesar.The best rates I have found, and he reads a settlement statement line by line.
Insurance. The Uvestly master policy.A pooled rate, and it covers the houses you already own.
Management.I call the manager before you buy, not after, and I negotiate the fee.

I have never stood in front of my first rental. Eight years, and the team did the standing.

PropertyManagersLendersInsuranceAccountantsIRACustodians1031ExchangeCostSegregationEntitySpecialistsAttorneysTHE OWNERYOU

Every seat an out-of-state deal needs. I will point you at all of them.

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The question everybody is waiting to ask

What does this service cost?

Nothing. The seller pays my commission.
I pre-negotiate everything. Going direct doesn't get you a better price. A builder won't drop it for one buyer and lower every other house on the street.
Even if you never buy. Bring me something you found on your own and I'll walk your numbers with you.

You never write me a check.

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All four went through all three filters

What I have right now

3308 S 23rd St, Chickasha, OK
Oct 2026
3308 S 23rd St
Chickasha, OK · duplex, 2 bed each
$345,000
$69,000 down · 20%
Cash flow
$687 to $849
Return
12.0 to 14.8%
409 Grove St, Perry, OK
Leased
409 Grove St
Perry, OK · 4 bed, 2 bath
$244,900
$48,980 down · 20%
Cash flow
$537/mo
Return
13.2%
1100-1102 Ashton Ln, Yukon, OK
Available
1100–1102 Ashton Ln
Yukon, OK · duplex, 3 bed each
$432,500
$86,500 down · 20%
Cash flow
$636/mo
Return
8.8%
150 Everest St, Shannon Hills, AR
Oct 2026
150 Everest St
Shannon Hills, AR · 4 bed, 2 bath
$299,000
$59,800 down · 20%
Cash flow
$349 to $456
Return
7.0 to 9.2%

Perry and Yukon are the two I put against the house on my street. Chickasha is the one you just voted on.

The two that are not finished yet print the whole rent range, not the top of it.

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If you want me to do this part

This is my process

Same three filters. I just run them before you ever see the house.

Step 1
You tell me your number
What you can put down, and what you need it to do. That's the whole intake.
Step 2
I run all three filters
Market, then numbers, then questions. Most of what I look at dies in here.
Step 3
You see what's left
A proforma with the real tax bill, a quoted insurance number and a signed lease.

You never hear about the ones that died. That's the part you're paying nothing for.

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One thing to take with you

You're not priced out.
You're one market away

1 The Market
2 The Numbers
3 The Questions

Now ask me anything. Shout out a house you've been watching and we'll run all three on it right now.

Schedule a free consultation
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Heather Marchant · Uvestlyheather@uvestly.com  ·  (816) 744-6540  ·  uvestly.com
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Not in the running order

Parked, and ready if you want it longer

House E, Edmond OK

+3 min

The fifth deal from the Money Moves set. Both sides already leased at $3,990, nothing estimated. Makes the survivors two instead of one, and lets the close say "nothing went wrong, twice."

The rent range, on its own slide

+2 min

Right now the builder's $2,050 to $2,150 is a pull quote on filter two. Money Moves gives it a whole slide with the bar and the mark at the bottom end. Stronger, and it costs a slide.

The live room

no clock cost

Phones vote instead of hands, questions land on the screen, emails land in the portal. The layer exists and is live for Money Moves. Deliberately not wired here yet.

The deal calculator

+4 min

uvestlycalculator.pages.dev. Hand the room the sliders and have them price a house from their own street, live. The strongest version of slide 4 and it needs a phone in every hand.

The local house on slides 4 and 7 is the only estimate in the deck. Everything else is off a real proforma.

Click or press →