While I don't want to get myself into a negative cash flow situation- appreciation is the bigger deal for us. 

I have former teammates of mine that are now leading agents and brokers in the popular cities of NC, Winston-Salem, Greensboro and Charlotte.

I am thinking of getting a list of leads and using the owner info to mail postcards or letters to find small multi family.

@Isaac Hanai make sure you FULLY understand the negatives of S8 programs, not just the mirage of consistent government rent payments.

He is leading his 2nd rehab and it is taking longer than I would take (but I have done it many times).  

Negative cashflow adds risk. 

I wouldn't consider it a heavy negative unless the street is super tight and parking is hard to come by or if the street is very steep/busy.The more desirable dense city neighborhoods it's almost kind of expected and off street parking would be considered a luxury rather than a necessity.If you get out into the suburbs I would say it's more of a big deal since more rentals have off street parking or a garage there.

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

As we all know, the standard way BP says to calculate cash flow actually leads investors away form long-term opportunity and leaves a lot of investors on the sidelines because they don't understand IRR and the multi layered dynamics of investing long-term.  

I have leads on a cleaner.