Buying first rental property

[Sulaiman Shah]

Hi, I am trying to purchase my first property. I am looking for Single Family homes with 3+ beds and 15% equity or more. I am looking for a rental property and so far I found one or two properties which I called for and were already under contract. I am looking in the markets of Memphis, TN, NJ and Orlando, Fl. I go through many properties and run the numbers whether they have at least 13% cash on cash return. So far I found one but sold. What am I missing or is my criteria crazy? I have a little over 30k for down payment and I am also interested in owner occupied investment in my city of NYC.