I'm new in the rental real estate world. I generally look at deals and figure if the property will fully cashflow the purchase price. If rolling gains from the sale of one asset into another asset is still prudent to make sure the property carries 100% of the purchase?

I agree, I don't really see those deals. I more meant the property will cashflow the debt after the down payment is made but is tight or below 1:1 when looking at the financing the full purchase price as the debt. I've watched all the house sell for really high recently and I can't figure out how the property pays for itself so I'm wondering if I'm missing something.

Yes it's still prudent.

I just became a licensed real estate agent in northeast Texas (Mt. Pleasant) but have bought and sold rentals over the last ~5 years. I look rigorously in my area for 1% deals and have only found 1 that I purchased in the last 12 months. One of the closest things I've found is small metal commercial buildings that can be rented to tenants like mobile detailing business, realty offices, sign shops etc.

I purchased a 3200 sq ft metal building in 2018 just outside the city limits for 95k. Now those deals aren't to be found now but I just sold the same building for 160k to roll the money into an Airbnb that I purchased. That building can rent for 1600 a month right now with the right tenant. Financing can be tricky in commercial but the maintenance on a shop style building with a slab foundation and metal siding/roof is minimum. I had a tenant for 3 years and I spent a total of $300 in maintenance over that time.

Pros to metal building commercial tenants:

-Usually established and pay on time
-Minimum upkeep (no dishwasher to break, no carpet to replace, no kids dropping quarters down the toilet)
-Generally welcome leases longer than a year
-No shingle roofs to replace

Cons:

-Can be niche with less people needing commercial
-Can have gaps in tenants if one leaves
-Resale can be difficult in a rural area. Mine wasn't. Had an all cash offer within a week of listing.

Just something to think about. I do not recommend shopping center type. With more stuff going digital, warehouses are more likely to become in demand that actual store front. I own a downtown shop in Mt. Pleasant that I lease out that's been great so far but the more things become more remote the more I know I'll have to pivot.

Hope it helps.