Although one shouldn't blindly buy or not based on simple rules, I think it's PRETTY safe to say that anything under the "1% rule" will absolutely not cash flow consistently.

What does the subfloor consist of? 

Whatever you go with, make it consistent.

I want to do this the right way and I want to make sure that I have enough saved up to start a good direct mail campaign and be consistent with it. 

Your Mentor (he or she may not see them-self as a Mentor - but a teacher, a partner - an opportunity to make more deals - a way to multiply their income).Become a Locator (also known as a Bird Dog), get into the market, go to auctions, talk to title company associates - agents and hard money lenders.What you want to know is who is THE MAN!

We work with a lot of very successful investors and one thing that sets them apart from others is being consistent with mailings.

University areas are great because of the consistency of tenant availability.

None of these are consistent and I've been lucky enough to live by them so far.

But you really want to set yourself up where you can afford to do it consistently.

Stay proactive, if you stay consistent, things will happen.