Target Metrics for MFH - New Investor in Indianapolis

[Anderson Smith]

I'm just beginning to get involved in real estate investing in the Indianapolis, IN area and am struggling to evaluate properties that come onto the market. Through my research, I've pulled together a few rough target metrics but am struggling to find duplexes in decent neighborhoods (A- to C+) that meet these criteria and am unsure if I should:

• a) make the targets less stringent
• b) stick to these targets and just be more patient when looking with properties
• c) look for cheaper properties in lower quality neighborhoods
• d) wait it out and hope for a downturn in prices over the next year or so

The rough targets I've established are as follow (note: assuming a mortgage with 25% down)

• Rent to price ratio: 1% target
• Cap Rate: 8% target
• Cash on Cash ROI: 10% target
• Cash flow per door: $100 minimum

I would appreciate any feedback that anyone has on how realistic my target metrics are, especially for the area (Indianapolis) or any advice in general.

Additional details: I'm 26 and am just starting to look into real estate investing as something to do on the side; I currently have a steady career and plan to keep working as my primary means of employment for the foreseeable future. I purchased my first property in March 2020 and have a highly leveraged position on this property (I used a low downpayment loan options for an owner-occupied duplex as a first home). 

I currently have ~$80k for downpayment(s) on another rental property/properties and am looking for multi-family homes that require little to no work to get them rent-ready so that I can maximize the leverage of the cash I have.