Hey Richmond, VA - How are you creating cashflow?

[Andria Kobylinski]

I have looked at/analyzed hundreds of deals in the Richmond, Va market but have not found much of anything that will cashflow even $100 per month. I know that house prices are inflated here much like the rest or the country but it also seems rents are low. 

This has really driven home that good deals are "made" and not "found" so that is my focus. And, here...is my question...

I have been analyzing a bunch of SOLD multi-families using the actual sales price and I cannot for the life of me figure out how anyone is making money!? Do they know something I don't? Do they have an advantage in some area that I am not considering? Or are they ALL getting bad deals?

Examples: 

*Duplexes with rent potentials of $1,500 per unit selling in the $500-700k range

*Quads with rent potentials of $800 per unit selling for $500k+ (that need about $80k in repair)

...I mean just quick 1% rule would make me RUN from this type of property...right?

What gives?