There is no magic number for this.

Thus I personally have arrived at 1.75% being the magic percentage where deals are likely to happen.

It’s not no magic bullet, however, this business is made up of offers as well as nurturing and finding new leads.  

I compared apples to oranges.. came home .. scratch down some numbers on paper to determine a new rent.. when it looked like a number people would accept , welp that was the new magic number.. all the vacancies were replaced with new tenants at the new rate.. work done in the apartments was painting, new carpet, new counters, new kitchen tile floor.. kitchen cabinets stayed the same as I didnt have enough money to replace. but oh what a difference new paint and carpet made.. had my husband rip ot all the old dead overgrown bushes outside ( he has a landscaping company) and I had my company ( my career was i own a housecleaning business) my company came in and scrubbed the apartments before new tenants moved in..

If they are so far out there they are looking for a property that we call a "magical unicorn" in the business where it might pop up one in ten thousand properties and there are 50 offers on it that day it's a waste of my time.As an investor myself I love helping clients as a commercial broker but I also have to make an effective business for myself.

People will say that you want to hit them 5 or 6 times, there really isn't  magic number but they are right in saying don't give up after one or two mailers.

But there are no magic bullets in a land of low cap rates that will let someone with a comparatively low capital base start.  

If I were to use that same money as leverage in a "break-even" deal given rents today then I get to have someone else paydown the mortgage and hopefully have appreciation work magic over the next 20 years. 

This is a "dream" home that, even if you could somehow magically afford it, will inevitably turn into a nightmare.

The property doesn't magically become a rental because one puts something down on paper.We have to examine the substance of the transactions.