Expectations for CoC Roi

[Cory Dill]

Hello all,

New to real estate investing and after running the numbers on dozens and dozens of properties, I’ve taken the step to get pre-approved for a conventional @ 20% (150k or less for property value) and am trying to find something that makes sense. I know we are in an inflated market but I wanted to see what numbers you all are using as your guidepost.

I'm having a hard time finding something that fits all of my criteria's. For reference, after covering the mortgage, putting 5% away for each vacancy, repairs, CAPEX, and 10% for a PM I am looking to have 10% on my COC ROI.

Am I expecting too much? Should I consider lowering that number or not have a PM since this will be my only property for now? After removing the PM from my calculations a lot of properties meet that 10% number. I suppose if I did this I'd need a solid team in place for when things pop up maintenance-wise. 

The goal is to get in the game, don't care about crazy returns but would like at least a fair amount of cash flow. Additionally, I'm looking in the Jacksonville, FL market where there are basically only condos at my purchase price which means HOA fees that eat up profits. Maybe I should look for SFH's instead? Would love to hear how you all have approached things, thanks!