If it is a market rate class A, B or even C properties, I would say that it (basic maintenance) is something the tenant should handle considering that for these properties the tenants likely have additional resources to handle small maintenance issues. 

To me this means a 2-3 bd single family home in a high B / A area and saving a big emergency fund.

My buy box is a home 5 years or newer, A or B-rated schools in the 200K-400K range that will appreciate over time with someone paying down my debt.

Focus on Class B or C properties for stable tenants and cash flow.

This would be in class b, class c will have higher maintenance/cap ex on average. you have $0 for vacancy.

Quote from @Bill B.: Again, I like the idea of a new fourplex, it just seems like you’re glossing over alternatives/possible problems. 1) You say you want to hold for cash flow instead of taking $120k cash by selling as soon as it’s built.

I'd look at B class areas there.

So if you found something similar in a B, would that work for you?

For me A or B grade means that you can get a tenant with a 700 plus credit score with an income well above the minimum threshold. 

If the location is an A but the tenant paying higher rent was a B or a C then replacing the location with an A tenant at slightly less rent in some cases you can actually increase the value.Example if you had an (A) location QSR but tenant was Burger King franchisee and they went out the Burger King might sell at 7 cap.