It also depends on whether your next purchase is a rehab, turn key, flip or hold.

If you pay retail, you'll be looking at 500k to 550k depending on area and lot. 

You should definitely be able to find decent multifamily properties for under $200k, and multifamily would be my suggestion for starting out if you can swing a larger down payment (depending on loan type, you MAY need 10% more for a multifamily vs a single family, but not always).

These have a much higher CoC ranging from 18-30% depending on how involved you are, the property specific and its execution from a design/amenity standpoint to management.  

We will never have the right answer; everything depends on your circumstances.

@Nathan Gesner  Don't believe everything you read, especially on the web. 

The analysis is targeted to small time DIY landlords with 1-5 properties with minimum requirements to be able to do the following tasks online:  Listing/Syndication, Applications, Screenings, Leases with eSignature, Payment Customization (i.e.

some gurus teach this method.. thats all this is.. seller is going to have to pay inputed interest to the IRS though.. to me it would depend on down payment..

It depends on the lender.

I work with several investors in the area. and a deal for one will be different depending on what you are looking for.