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.   

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

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.

Hey mate,Thick skin is needed on this forum and in business in general 🤷‍♂️I just posted something similar on another thread and the best advice I can give is spending enough time finding the right people on the ground before looking at the prospect of a market or a deal.Especially when doing BRRR out of state which is a very tough gig IMO.You can find the best market, with the best growth potential, find the best deal with the best cashflow but if your realtor isn't genuine, your property manager is incompetent and your contractor is a cheat.You will loose money.Also, underestimate your income and overestimate your expenses on every deal and business opportunity.If you think it won't happen to you, I can tell you right now that it unfortunately will...I've completed hundreds of flips and rarely come in at budget from a rehab standpoint.So keep that in mind.Appraisers are a joke and easily manipulated.They follow weird data and many want to cap you intentionally (No idea why...) on the ARV.They play it safe and can see how much you paid and what you spent on rehab so they will cap the value and come in under fair value on many appraisals.I stopped dealing with selling to investors looking to finance many moons ago as it wasn't efficient from a business perspective and I'm not in the business of using "in-house" lenders and manipulating appraisals like many others do.