New investor - am I doing the analysis right? Expected hit rate?

[Cristian Guajardo]

Hey everyone, new member here and looking to find my wife and I's first deal. I recently got introduced to BP and have been wanting to jump in, but responsibly so. My wife and I are in our mid 30s and are both W-2 with well-paying careers. However, we're looking to get closer to financial freedom, at least so that she can stay home with our incoming baby in a few months. Anyhow, I've been listening to the podcast for a few months and watched Brandon's Webinar video on deal analysis (How to Buy Your First, Second, or Third Rental Property). After doing so, I've begun analyzing listings in two markets, mostly -- Denver Metro + DFW (Dallas-Fort Worth) - since these are both areas I feel more familiar with (having lived or currently living in). Long story short, I'm curious about people's hit rates on finding deals. I've analyzed 40+ deals so far (using the BP calculators) and have only found around 5 or so that even show a positive cash flow, with only one of them being above the 8% CoC ROI threshold, the others in the very low <1% ROI range. I'm wondering if, perhaps, I'm doing something wrong with my analysis, looking in the wrong places, or something else? I've tried a variety of property types as well (SFH, MFH, Condo, Townhome). I'm curious what others' hit rates are in terms of properties analyzed to potential deals found. Is it realistic to have a 1:50, 1:100, or more deal ratio? Anyhow, I'd just like to validate that my approach isn't in vain and I'm not missing some key piece. I've also tried looking at those few that showed the more favorable numbers and can't really discern any identifiable similarity. Apologies for the wordy first post, but I'm glad to have found this community and hoping to be a contributing member going forward! Cheers (and happy new year!)