What Is Your Version of "The Perfect Deal"?

[Clay Manship]

In being 23 and just jumping into my first deal in REI, I have been giving this a lot of thought: What is YOUR version of the "perfect deal?"

I am talking property, neighborhood, financing, Cash on Cash returns, cap rates--anything you want to plug into "perfect." Given the different backgrounds and performance objective of those of you I have met, this should make for an interesting topic.

My perfect deal is a duplex situated on a corner lot, where I can talk a private lender into 8% interest only for 12 months to finance. The cash on cash return would be somewhere in the 30-40% range, and I would be cash flowing somewhere in the ballpark of $1,000 a month. After the 12 months of seasoning, I would refinance with a bank (with no paperwork) at 5% on a 30-year note.

So, what's yours? Save the rude and barbed responses--just curious to see what everyone has to say.