Check out Brandon Turners book on investing in real estate with low and no money down.

I have 2 condos with low HOA monthlys.

We do not like the low income to moderate income areas regardless of cap rate as they tend to have less expendable income in an economic downturn and are hit hardest the most.   

My ideal criteria includes: 1,200 - 1,500 sqft, 3 bed, 2 bath, garage (contingent on elevation), and bullet proof.I have seen some listings for somewhat odd and overgrown parcels of land selling low where the numbers might work quite well.

The reason your returns are low, are because you are not LEVERAGING Your Real Estate.

Please let me know if you know of any parks that will take a low/no down and owner financing.  

Now that you have 20% equity when you refinance the PMI will drop off you also can lock in a low interest rate that is not available to you if it's a rental vs occupied home.

Depends on budget really but, if you want to be in the heat of the movement, stay north, thats where the money is going. 

The property is going to need some aesthetic repairs in order to increase value.After reading the Bigger Pockets "The Book on Investing in Real Estate With No and Low Money Down" this seemed like a good strategy to get me going.

The reason for the low price points and high cash flow on paper is because they are riskier investments than buying in a nice area.