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Undervalued markets are hard to find, but that doesn’t mean there aren’t plenty of cashflowing properties out there. I’ve spent a lot of time looking around the Florida and Texas gulf coast and seen a lot of properties that I think would work well. Also due to seasonality there are probably some mountain properties that can be had right now.
Southwest Florida and the Punta Gorda area are picking up steam. Plenty of empty lots going up and lucrative rental numbers but very snowbird heavy seasons.
The best way imo is using your FHA loan if you haven’t already. If you have, move out of your home into a rental property (apartment, rental home, whatever.) I know it’s a sacrifice, but it’ll be worth it.
Airbnb your home for a year, after that year use your new income to get a loan for a second property. Rinse, repeat.