House Hacking in an Expensive Market?

[Carter Mezzio]

Hello BiggerPockets community! I am posting a question to much more experienced investors today, as I am a newbie hoping to purchase my first property soon at the age of 20, about what strategy works best given my market. I live in Rochester, NY and currently it seems the market is inflated/expensive/high (one of those work right?!) and as such I am having a difficult time finding decent cash flowing properties, if any at all (most are CoC of < 5%). I know that patience is a virtue and I can make a deal out of something less desirable through some creativity but I was mostly wondering what I should be seeking out of properties with a market of this type.

On the one hand I have enough cash for a house hack using an FHA loan and some additional minor remodels/repairs to a property after purchasing. At the same time, a traditional house hack in my area that produce any sort of decent cash flow (as I eluded to) is looking extremely difficult to find. As Brandon Turner says I should probably just give up and go back to watching TV... not! I would just love to hear any insights on how to get creative or potential different strategies to the traditional house hack that others have used when buying rental properties in a rather expensive market cycle.

Thank you for your time!