Frustrated trying to find property

[Rich Thoms]

I have been scouring the internet, working with a broker and looking through local papers. I just dont see how anyone makes any money buying rental properties.

Take for example the following which is typical in my area;

4 family home $329K Generating $3700 a month from rent

Using everything I have learned on this site, even if I (by some miracle) could convince the seller to take 60K less making the sale price 269K...
it would still be a bad deal... 3700 X .5 = $1,850(NOI) - $1,790(mortgage) = +$60 / 4 = $15 per door

when calculating the debt service on a deal, should I be performing the calculation on the entire purchase price or minus my downpayment? Without figuring downpayment , than the properties become more attractive. The above deal then would be factored with a debt service of about $195K
($1,297 per month) which looks like a possible winner making better than $100 per door.

I feel like I am looking for a Unicorn!

Am I missing something?