There is a reason they say a Renter Nation. 

Hi @Hannah Singer while off market deals may net you the most meat on the bone I can certainly say as a relatively new investor myself in the Memphis market there are still plenty of deals to be had directly off the MLS!

@Roberto Cervantes Jr Hi Roberto, from experience I can say a 1,500 SqFt rehab will cost around $15k-$20k depending on what it needs).

The appraiser is the EYES AND EARS of the bank so when appraiser arrives hide the issue and don't say a word. 

Let's say a property cost $300K and needs $150K for rehab so total cost $450K.

Lets say a house is $100K.

In a duplex this is harder to pull off then say a 50 unit or 100 unit where you can average out the timing and departure of expenditures and cash flow with incoming versus outgoing tenants.

But some people say a hoodie and jeans is not befitting of those Bay Area tech billionaires..

There is a difference between say a 10% return in the stock market and a say 3% return in real estate.  

@Owen D.I have heard  any a investors say a $100 a door is a good deal, but I can now see it certainly not without including a Cap Ex along with your PITI   " To be fore warned is to be fore armed". thanks for the heads up and good luck.