I feet I have missed the boat to get a decent rental.

You can take as many shots at someone as you like but you only have two bullets a day to vote for them. :)

So is it better to buy 1 $50k house in a decent area that cash flows about $800-$1,000/mo, or 2 $25k houses in lesser areas that cash flow $1,000-$1,500/mo, or leverage the $50k as a down payment on a $100-$125k property in a better area that may not cash flow as well, but builds equity and potential appreciation?

I am looking at properties that are decent enough that a hard money lender will lend me enough to get in.

Decent credit (around 700).

I'm a beginner who is almost feeling comfortable enough (educated/prepared) to take my first shot at a rehab.

Heaven forbid, but how many projects that won't cash flow or don't produce decent ROI at 4 or 5% will cash flow or produce sufficient ROI at .5 or 1% interest?  

An average 2/3 bed apt rents ~1100 which should give pretty decent cash flow to start with.

Finding a decent cap rate in south florida is not easy unless it's in a challenged area.

I have seen that play over and over in these D class areas of the country... its a specialty and a skill to own and manage them and get them to actually produce income.. with 14 doors in one spot in a D class area you will probably have one eviction going at ALL times .. so think it through there is a reason these properties end up like this.. and many times its not the owner its the demographic and tenant base that is basically unmanageable.If the above is something you can do.. then it seems like a pretty decent deal. what I did in the 80's when RE was dog tough.. 18% interest rates..