How do you answer this question?

[Michael Blackwood]

I get this question when speaking to a wholesaler or realtor for the first time.  "What kind of return are you looking for?"  

This seems like a vague question but they seem to be wanting a specific number.  For you experienced investors how do you answer this question?  And what metric are they usually referring to.  (There is cash on cash, cap rate, etc... ).  

For me, and maybe this is because I don't have a ton of experience, I have to just look at everything when I evaluate a property. How much capital will I lose in the deal, if any? Where is the home located? Is the home in a good area primed for appreciation with low crime, in that case I'd settle for less COC return. If it is in a sketchy area but cash flowing a lot the numbers might be different. It would depend on everything, not just a single number.

Any insight would be appreciated.

Thanks