In 2023, what is actually a good cash on cash return for rental property investments?

[Nikita Sharma]

Hi folks, 
I'm a newbie looking for my first investment property (sfr or mfr). The last property (located in Akron, Ohio) I analyzed had a 3.5% cash on cash return (including closing costs), which is much lower than what I typically see as the recommended amount on articles I read (8%+ recommended). I am looking for cash flow so this was a bit lower than what I wanted. I am located in CA so I am looking primarily at out of state properties.

I am wondering, for other investors focused on cash flow looking to buy in 2023, what cash on cash return rate are you looking for? Or if you have already purchased a property this year, what cash on cash rate are you expecting? Is 2023 just a tough year for cash flow?