Realistic cash flow on SFR in Louisville?

[Micah Mcarthur]

I am still learning, and feeling like I have the confidence to pull the trigger soon on my first investment.   I have been analyzing houses almost everyday now for weeks and weeks, trying to get a good feel for the areas, what the market is looking like, local rents in the area, etc.  

As I run the numbers, learning what works and what doesn't, I am wondering what type of cash flow I can realistically expect.  

My current thought, assuming an off market deal doesn't just suddenly fall in my lap, is that I will purchase a fairly run down SFR off the MLS, in a B or C neighborhood, and try to be "all in" repairs and everything at 70%. absolutely no more than 80% market value.

What I am seeing, is that even buying at 70% market value, -minus repairs, finding $200 cash flow on a SFR is very tough, even lower if you use the straight 50% rule of thumb.