The perfect real estate deal?

[Joshua Allan]

Hello BiggerPockets community:

I have been advised to seek out the following investment opportunity. I'm curious to know how likely I am to find such an opportunity and where the best chances to find it might be in the current market environment:

- Cash flow: $400-$600 / month

- ROI: recover down-payment in 5 years with cash-on-cash return of 14-20%

- Cap Rate: 8-12%

- Market: High rental demand, stable employment, projected growth area.

- Customer: Mid-class, stable job, family-oriented, income between $40k-55k / year, 20+ working years remaining

- Taxes: local and city taxes should not be exorbitant

- Location: Landlord-friendly states only. Preferably bible-belt states.

Your honest opinion is much appreciated!