Looking into cheap properties <70k

[Jacob Prelle]

Hello all, my wife and I are thinking of purchasing homes in the $50k to $70k area. Bit of background info: we are able to save $3k a month. That money can be used purchasing subsequent properties or as cap ex. We live and work in California. We will have a property management company mange our properties (we'll be looking for the right real estate agent)

End goal would be buying two cash flowing properties a year for 10 years, but we could change plan and look at buying higher quality properties in areas more likely to offer appreciation if the market drops.

Our rationale is that it is easier to achieve 1% at those properties. Looking for SFRs in the Memphis area. 

Of course, we're going to be looking hard at properties that satisfy our criteria, ie: medium to low input of rehab cash, located near a hospital/university/downtown area/etc.\

Thanks ahead of time for the advice.