Ultimately, you have to decide, based on your due diligence, goals and risk appetite.

To wet their appetite so they want to work with me I give them my background and what and how much I bought.

Some examples:I'm willing to take a smaller cashflow number if I'm BRRR'ing the property & getting my full downpayment back.My cash flow appetite for a single family might be lower than for a multi-family property that can only be re-sold to an investor (not that I buy single family but hypothetically).If your goal is maximum cash flow, you'll want to move to the smaller markets.

Depending on your appetite for risk, you make your equity/debt ratio.If you can get a better return on something else as opposed to the mortgage interest rate, then invest in that something else.

My sophisticated emotional acumen provides me with explicit insight on my clients needs and wants, and my insatiable appetite for all things Music City keeps my finger on the pulse of every neighborhood in our expanding urban core.

It all comes with risks - You just need to get a feel for how large of a risk appetite that you have and pair that with a deal that fits accordingly.

I would find a property that you feel is similar to yours (looks + location wise), and take the revenues from it + a few comps to see if you'd have appetite to try it out. 

I am from Long Island NY and it is priced out of my sub-65K investing appetite.

Cap rates on the commercial side have suppressed over the last couple years, but this doesn't just mean lower return, it also means lower risk. 

Yes, the area (in general) is great for cashflow, but depending on your appetite for class of area (A, B, C etc) will determine how much cashflow you actually get.A few quick pitfalls are:1.