New to RE Investing- ready for my first rental investment

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Hello Fellow BP'ers,

I'm new to RE investing and wanted to get some advice from you all. I am a recent member to BP and so far, I'm loving the site and the members are always helpful and the depth of information on the forum is mind boggling!!

My wife and I are residents of Los Angeles where we both hold stable full time jobs. We have lots of friends and family in Dallas area and are interested in purchasing either a single family home or an apartment that is preferably turn key so that we can rent it out. Our max purchase price is 160K and we can put 20% down for the mortgage. 

1. As a general investment question, will it be better to buy a single family home or a couple 1-bedroom apartments. Hows the rental market for single family homes.

2. Are there any up and coming areas of DFW metroplex that we should be looking in. 

3. After Mortgage, insurance and taxes, Is it realistic to expect atleast $5-600 cash flow from the property.

Thanks in advance 

- Sandeep