Or you have to be the lowest barrier of entry-- meaning really convenient price and easily accessible location.

Multi family properties, not only can easily vary from this number, but because of their size modest variations can make big differences to cash flow and ROI.   

Getting some info on which market you'd be investing in will be helpful in finding a lender easily.

It's a lifestyle for them, not something they pick up in their off time and leave off easily when there's something else to do that occupies their interest.

As such, I would only be concerned with markets that you can get to easily/cheaply and hopefully have a direct tie to (family, frequent business trips, etc).  

I also use property managers for my properties.Additionally, unless you are an expert on Fair Housing laws you can easily find yourself in violation even when you think you are acting reasonably and find yourself in a lawsuit or under investigation.Finding reliable contractors is an issue and a good property manager should have those relationships saving you time and hopefully money.Navigating non-payment of rent or an eviction can be time consuming and expensive and a good property manager should help you avoid needing to do that with good tenant screening or have the legal resources to deal with it if you have to.You do have to manage the property manager and watch expenses especially for large repairs.

Without looking, there is easily a 10x price variation in that zip. 

Not sure if you can find that easily and if that would work with numbers.

We knew we could add to the square footage by adding that master suite fairly easily.

If you are putting $150,000 down, you should be able to positive cash flow pretty easily.