When Is a bad deal a good deal?

[Ken Vogel]

Hi ya'll, 

I have yet to purchase a multi-family property for the first time, but Im looking.  Im live in the Portland metro area but wouldnt be absolutely opposed to buying out of state but lean toward buying nearby so I could potentially manage the property for a few years.  Ive looked in Portland, Eugene, Medford, Boise mostly due to their proximity and accessibility to PDX.  That said, the west coast is expensive and everything on the RMLS doesnt seem to fetch current rents that make the return very lucrative.  My strategy will be to buy and hold, whereas in my mind, rents would increase and eventually make a better cash flowing vessel but margins would be thin until that time.  In a market of rapidly rising values, is getting in to a property that "would work" a dangerous proposition or Is patience a trait most BP/experienced investors dont tolerate because geographicly there are better deals to accelerate wealth faster?  what am I missing?  Is the midwest the only area where double digit return exsists with a 20% down payment.  

School me people!

Thanks, 

Ken