Can't make the numbers work

[Don Nelson]

So I've been analyzing properties for more than a week. I've built an impressive spreadsheet that accounts for just about everything, and it's remarkable how accurate the 50% rule is in general. Bottom line is this. I have to put 20% down on something, possibly do some initial repairs and rent it for $100/door NOI. It leaves my cash on cash returns in the single digits almost all the time. My question is this - Is it worth it? Spend $20K to pocket $100-$200/month? Is this as good as it gets?

I feel like I may be missing an important point - I know there are tax benefits, depreciation, appreciation potential, etc.  Do I just take the small return and be patient?

Thanks in advance for your patience.