"move in" type deals

[Kenneth LaVoie]

I am about to make my first offers - single family "low retail" -- ie. 100k house for 75-80k - virtual move in condition, but might want to put 2-3k in for "updating" -- these homes have newer heatings systems, new windows, (3-5 yrs old) - and vinyl siding - move in condition, buildt mid sixties.

Basic plan: Purchase 1-2 single family homes per year in the Waterville – Winslow area, price ceiling approx. 80K, in well-kept, desirable neighborhoods, that need little work to get ready and that will generate breakeven or small cash flow. Focus will be on single story, or at least those with a first floor master bedroom, to appeal to older tenants. The major portion of the income will come later from appreciation, either in the form of cash-out refinancing or selling, or simply from the rental cash flow once twenty year mortgages are amortized.

Multi Family: Purchase 1 – 2 multi family (2-4 unit) buildings in the Waterville-Winslow area, in decent neighborhoods, in move-in condition that generate(s) an average of 100 per month, per unit cash flow on average over five years. Favor will be given to those with tenants who pay own heat, or at least have separate heat systems. If the nature of ownership appeals to me after one year, I will move toward owning 40 units within 5 years, with the intention of generating $4,000 per month ($48,000 per year) average cash flow. The intention will be to replace my involvement with my Landscape company with this activity.

I know this is the dreaded "paying retail" that I hear so much negative about on this forum, but I have zero willingness to rehab. I'd just as soon stay invested in the stock market than have my days filled with this type of activity. Given my personality, and what I want to do, has anyone else here had experience with this type of thing? Just getting good old fashioned "half way decent" deals (vs. wholesale prices) and doing well with the strategy??
Thanks so much!!