Advice Needed - Initial Real Estate Plan

[Chuck Gross]

As a newbie on bigger pockets, I would love some advice as to my real estate plan. My idea is to target a multi-family unit/apartment near a college town for a rental investment property. I have $40,000 to put down and I am looking for a cash flow of $250/month. After some research, Arizona is looking like my first choice (either around Phoenix or Tempe) and my purchase price will likely be $200,000. Is this a realistic plan? 

Thanks,

Charlie