What to do if the numbers don't make sense?

[Nick B.]

I am trying to find my first rental but in order for it work it has to meet seemingly impossible criteria.

Here is what I am looking for:

SFR, 1600-2000sqf, 3bdr, 2+bth, 2 car garage, built after 1985.

Location: Midcities area of DFW (Dallas-Fort Worth).

These houses are listed between $110K and $130K and rented for $1200-1600/mo depending on the area.

However, once I calculate effective cash flow after all expanses are paid, my total purchase price must be at least 30% less than the list price.

I asked several listing agents if the seller would lower the price but response was always the same: "we already have multiple offers". Foreclosures are no better. They are listed for less but require a lot of repairs and also have multiple offers.

Should I just stop looking and wait for the next recession/crisis/whatever for the sellers to become more motivated?

Thanks
Nick