What are your minumum return thresholds in DFW SFH rental?

[Eric Hassfurther]

Hello everyone - I'm newer to Bigger Pockets and this is my first post! 

Here is my main question, and then I will give you more context below: 

 - When looking at potential purchases for SFH rentals in the DFW area, what are YOUR minimum requirements for IRR, Cash on Cash, and monthly cashflow? 

More background information in case it is helpful: I spent the first part of my career in the small business "startup" world, and I recently sold my latest company (B2B Saas field). Anyways, with the sale of the company I now have a good amount of capital to invest. Historically, I have invested mostly in the stock market, but I've really spent some time learning more about RE investing, specificallly on the SFH and small MF side, and I'm thinking this would be a good place to deploy some of my capital (if done correctly of course!). I love the long term wealth building potential that can be found in rentals when done in a smart way.

I have learned a ton about deal analysis and so I feel capable of analyzing deals, but I was really curious what some of the more experienced investors are using as their thresholds to sepearate the "good" deals from the "run of the mill" deals. My mind thinks in terms of IRR, and Cash on Cash, so those numbers woudl be super helpful as well! I obviously don't want something with negative cashflow, but since I won't need the cash to live off of, I'm not as concerend with this number as I am the other two, as long as it's positive.

 I'm open to purchasing a property turn key, or to buying something that needs a bit of work up front. The up front work doesn't scare me since I have a trusted friend who owns a residential construction company and I know I can get great labor rates from him. In fact, buying something that needs a bit of work may allow me to pay cash, renovate, and then refinance and pull out a large portion of the capital I have invested. 

Thank you all in advance. I look forward to hearing what everyone has to say!

-Eric