considering turn key type property

[Ken Vogel]

Hello folks,

I'm looking for my first property. I have some reservations of doing major rehabs but could do minor rehab without hesitancy. Ive basically only been shown or looked into turnkey or very close to turn-key homes. I have 20-25% down for a conventional loan up to a purchase price of 400k. I live in the Portland OR market and the numbers, with all reserves (taxes, vacancies, Capex, etc) seem to consistently come up very thin or negative. Ive shopped different pricepoints in the Boise ID market too with the same results. My thinking is a Boise median home at least leaves plenty of money in the bank for reserves, but still the fact is cash flow and ROI is not appealing.

I seem to heave a couple options: start inquiring on seller financing with 10-20% down on these properties or buy a lower priced home and be willing to be satisfied with market appreciation, loan paydown, and rising rental prices (potentially) as my reward.  This, nevertheless, seems to limit adding three to five properties over the next five years a feat with a tight personal budget.  

What other options do you see in this mix? Arm loans? Would you tie up 100k on a 200k home(thid doesn't seem like a good idea to me)? Get off the MLS and peruse other methods(my radar is up but not close to fine tuned).

Doing lots of reading and will gladly accept practical advice and input

Ken