What indicates a good deal to you?

[Nader Hachem]

So i'm 24, currently looking to purchase my first rental property - a SFH 3br, 1-2bathrooms, sub 200K, but i've been hesitant to purchase because i don't yet trust myself, and a bit of fear, since obviously it's my first. I've read books, listened to podcasts, watched videos and so much more but i have one question about deal analysis.

What makes a good deal and how do you, or others you've seen, run their numbers? Each area is different and i know in the midwest, especially here in MI, we see more cashflow in our deals. The way i've been running my deal analysis is looking for properties on the MLS, and aim for a house that could cash flow me $150/month. I would honestly be okay with $120 a month because i think getting the first property is more important to that extra cash flow to me.

That number is after mortgage, insurance, taxes and 25-30% for vacancy and maintenace. My question is, how do you approach deal analysis? I see people who say they make $500 a door but thats because they're not accounting for the 25-30% savings. if that's how things are approached then i think i've found a whole bunch of deals.

I rarely find deals where the rent-(mortgage+tax+insurance+savings) is around what im looking for. I'm fine with this and I'm dedicated to keep looking, I just want to make sure I'm not passing up deals due to lack of knowledge.

So am i approachijg the analysis portion wrong? should i be less concerned about how much cash flow ill have after the savings and more focused on the profit after only mortgage + insurance + taxes?