Too late in DFW?

[Rick Reed]

I'm currently looking for my first rental purchase in DFW (Plano, Allen, Wylie).

My realtor is telling me that what I'm looking for does not exist. It seems houses are selling very fast in this area, therefore no one is really willing to sell at prices near where I need to pay. I was wondering if anyone else is in the same boat in the same market?

Also, I'm wondering if I am off target with what I'm looking for. I'm think I need to find:

- 2-3 bedroom single family

- under 15 years old (looking for a long term hold)

- Around $130k

- Assuming a modest $1300 in rent

- Plano, Allen, or Wylie

- HOA fees under $200 month

I plan to use a property management company, so that has to be factored in. Running these numbers puts me near $100 in cash flow, which I think is too low. Am I being unreasonable to think better deals exist in this market? I fear over paying and being stuck in a few years if I need to offload it.