Advise on choosing the right properties

[Sonu Sharma]

Hello BP community,

I am relatively new to the RE world (mainly buy and hold) having bought 5 properties in the last year in the DFW area. Prior to diving into this world, I read a few books, attended some REI clubs and started exploring myself. It has been a great ride so far - I am glad to say that all the deals I have worked on have worked out well so far with an average 13% CoC return after using Property Management.

My formula has been to stick with homes that have a 3/2/2 config, brick exteriors, built 1970 or newer, in a good blue collar neighborhood, costing less than 130k. Although one of my properties is a 1950s build (had extensive plumbing repairs), I have been fearful of buying older homes for a few reasons - cast iron plumbing, old wiring FP panel, older building codes etc. 

Since I have had some specific criteria, the number of deals coming my way have been drying up. I am beginning to wonder if I am doing a mistake by not considering other configurations (3/1, 2/1) or older builds. What would you guys recommend ? I know that this is a relative question as success to one may not seem the same to another investor but I still want to hear the experiences of other members on what worked and what didnt.

Thank you !