New buy & hold investor in Salt Lake City, Utah

[Gene P.]

Hi everyone, I'm new.  :)

Been thinking about investing in buy & hold for years now and only stumbled across BP a couple weeks ago.  I've been reading everything I can and have listened to maybe a dozen relevant podcasts so far.

I'm in my mid thirties and have a full time job, and my goal is to invest in 10-15 buy & holds over the next 15 years, which would allow me to step away from my full-time job by then.  At this point not interested in flipping/wholesaling.

My budget is such that I have around $50k-$60k "left over" annually from my full time job, either to use as a downpayment on a new investment, or towards paying off an existing one.

My concern is that the market has gone up so much in Utah (Wasatch Front specifically) the last several years, that I worry I've missed the window to jump in.  Have I?

Currently my target is either single family homes or townhomes/condos.  I'm looking for cashflow of $200-$300 per month (assuming 20% down), and an 10-12% cap rate.  Any thoughts from Utah folks if something like this is feasible in the current market?