Good cash on cash returns take some work, like raising rent over time, doing light value adds, etc..If you jump in and insist on high cash on cash returns from day one you may find yourself in a tough neighborhood.  

It would depend on laws in your municipality, but if you are going to allow pets in your unit, here are a few thoughts: are you going to have a size/weight restriction, and possibly a restriction on breed type? 

By doing some of the work, you can stretch your budget to cover more improvements, thereby boosting the property’s market value and monthly rents.Tips for Building Your DIY SkillsStart Small: Begin with simple projects, like fixing a leaky faucet or installing a new light fixture.

New flooringFresh paintPainted cabinetsRefinished shower surroundshardware and light fixtures What was the outcome?

I thought I'd light a beacon so to speak to see if any investors/ landlords (and those thinking of becoming so) would care  to meet up as a group for coffee once a week.

Completed renovated one unit and did a light renovation to the other.

Replace the blinds, get rid of the carpet, change out the light fixtures, and do a fresh coat of paint.

Light renovation of the kitchen and should be able to see increase of rent of $250-$300 month.

It will carry a net loss of about $4k/month, or more, to keep the lights on.

I have about $300 on my credit cards (just finally paid them off for the most part, and have about $20,000 limit).My cash on hand is relatively light, but what my plan was was to find some single family homes in the north Detroit area (currently anywhere from $40-$60k and put about $15-20k tops into any repairs or fixes (not looking for total rehabs, mostly something I can do some small repairs here and there and paint, personally I am knowledgeable about renovating up until complex electric and plumbing).