10-15+% levered returns possible? With 1-1.5M cash

[Mark C]

My partner and I did our first deal a few years ago which went really well and we have about 1-1.5M in equity, but the problem is that the cash flow it generates is not that great - partly because cap rates are so low here in Los Angeles.

We have the property listed for sale and are thinking of 1031ing into something that will hopefully provide a lot better cash flow - which probably means we will need to look out of state.

We were considering multi-family but are open to ideas.

My question is - with 1-1.5M cash, is it possible these days to get levered returns in the 10-15% range? Net 200k+? Seems like it should be doable if we can find an apt deal for around 3-4M at an 8-10 cap and get fixed rate financing and lever up, but I am wondering what all of you guys are seeing right now.

If it's possible, any suggestions for markets to look at? We have been eyeing TX but haven't found anything great there yet.

Thanks in advance!