Realistically, what is a "good deal"? Especially for a new person

[Josh Lyons]

I'm new to BP and trying to find and buy my first investment property to buy and hold. I'm in Charlotte, NC. I've read a lot about the simple and very important advice that "you make your money when you buy." You have to get a good deal up front. My quick question... for a new investor without many connections, resources, access to MLS, etc., how good of a deal should I be looking for realistically? For example, should I be expecting to find something 10% or 20% below it's market value? How prevalent are the 10% or 20% below market value deals? What about in a sellers market? I'd also appreciate hearing any stories about how you found good deals... such as the percentage they were below market value and the method you used to find them (i.e. through a connection, from MLS, "driving for dollars", direct mailing...). Thanks.