Whereas the same house over in Manayunk (A class Neighborhood) could be in the $400k-$500k range.

So if you focus on one city or one niche or one price range, or one type of sale, that is where your career will end up.   

I'm looking in the Central Texas area at SFR, 3br 2 bath and can find good properties around the $250,000 price range.

The building is in the $6,000,000 +/- value range and I have a primary mortgage of $650,000 +/-.

I'm an investor in NJ, mostly in North Jersey but very difficult to grab multi families, anywhere south of Monmouth county there is more inventory and have a better chance of landing something that makes sense. 

I suggest you do the research on the places that have inventory at your price point and go from there. 

If 2 bed rent is 1,500 a month for  example and range for area is 1400 to 1800 then bottom range which tends to make tenants more sticky and hard to leave.

Im located in Colorado’s front range and a total rookie!

@Ian Bower for a 120K loan, it's in the range of normal.

Sounds like you have a good understanding of the strategy.I normally work with clients by giving them a price range of a property they need to buy to get to their desired tax bracket.Best of luck.