It's been tough trying to find a 12%pa cash-flow property here lately and this a higher return than that.Phoenix has become a little tougher to find a deal with a lot of fat on it, not impossible, but tougher than when I started.

I think that is a red flag that a turnkey provider is making a fat profit.

Hello-I am looking for bonafide multi family rehabs only in Newark, NJ I will also consider short sales It seems as though Newark is getting so saturated that I'm looking online in forums for property now.  

The other problem with Atlanta, at least I have experienced it with some of my properties, is saturation.

@Sam Liu  When doing this search, I would make sure they owned rental properties, otherwise they will not understand the dramatic changes that have happened hear in Memphis such as hedge fund impact and over saturation in certain areas.  

Depending on your location the mass lists that you purchase could potentially be very saturated.  

If I did my calculations correctly, I am looking at a 3% cap rate and a big fat 0 cash on cash return. 

I would think this is going to be a GREAT opportunity to pick up some potential rental homes in solid performing saturated markets where most of the boomers are.  

Is the market in our area over saturated with real estate investors?

As it sits, $1000/mo on 40K is nice fat 30% cash/cash ($12,000/$40,000), but it's only a 3% cap rate ($12,000/$400,000).