Im actually on the opposite end of the spectrum than @Renee Huffaker.

On the opposite end of the spectrum, towards the cape (Wareham, specifically) have two rentals purchased sub $100,000.00 with limited repairs (<10k) both producing subsidized rent of $1,800/unit.

I've seem some properties on the low end of the spectrum at less than $50k, but average is probably closer to $150-200k.

In order to mitigate that risk, I just weigh the ARV that I came up with myself toward the lower end of the spectrum. 

My bets are most people are aiming at the lower end of the spectrum but getting beaten out by the people with the higher down payments.

The terms of those "loans" sound pretty close to the scam end of the spectrum.  

My focus is on the multi-family side of the spectrum.

There's a bunch of other choices in between these two ends of the spectrum too.  

They might be cheaper in CA but in Texas they make up a big portion of your expenses and you can't change that no matter how efficiently you run the property.It's definitely possible to find a property that can be lower on the expense spectrum but most people underestimate expenses so it's probably better to start at the higher end and confirm with due diligence.

There is a full-spectrum of performance ranging from outstanding to subpar.