Analyzing Deals....Are they that hard to find?

[Nicholas K.]

I am starting to analyze deals in an attempt to look for an investment property.  Specifically I am looking for a duplex/quadplex property and I am finding my margins to be very tight.  Perhaps I am looking in the wrong area with low rents or either the property price is too high in order to make the numbers work.  This leads me to think that in order for this to work I need to find a property in a pretty bad condition for a pretty sweet deal.  Is it that rare to find a multifamily that is in decent condition and decently priced to turn a profit?  Perhaps, I need to be looking at properties that are in need of a rehab.  

I am looking to use a conventional 20-30% down payment 30 year fixed rate loan.