Working Backwards - Selecting property based on required return

[Matt Caresco]

Hi Friends - 

I am a former Californian, currently moving to Bend OR. I am building my OOS portfolio in small multi and self-storage. I am playing with another approach to investments - viewing investments in order to meet a specific financial goal:

If I want to take on an extra $4k month expense, how can I find a property that will offset?

Has anyone started with the end number in mind, and worked backward to build criteria? For example - I need my property to cash flow $50K/Year. Now select a market, determine purchase price, minimum cash on cash return, cap rate, etc. 

Would love the community's thoughts!