I guess I could make the argument that if you wanted to park your money, have a (relatively) low maintenance build, actually *wanted* to live there (as a person, not an investor), and didn't want any taxable income in the near term, then I could see doing it.

laminate is less expensive and is more durable  some  of the go to brands are allure http://www.homedepot.com/p/TrafficMASTER-Allure-6-...but I have used laminate from as low as $1.25 sq ft  

Also, if you try to buy two multis so close together with no (or low) downpayments, you're probably going to have a pretty hard time qualifying (unless you made a boatload of money & have no debt, in which case you'd probably have money for a downpayment).  

My want - What is most important to me is low money down, hopefully 10%, while also ensuring I have good cash flow. 

Properties are cheap in the city, taxes are low, and there's no Point of Sale.

Stories3Price/Unit$86,458.33Year Built1972Property TypeMultifamilyLot Size0.56 ACProperty Sub-typeGarden/Low-RiseAPN / Parcel IDWHAV-000048-000023 Financial Summary (Actual)Year2017Operating Expenses$101,837Scheduled Gross Income$245,376Net Operating Income$134,870Effective Gross Income$236,707Pre-Tax Cash Flow$36,876 Debt & Equity InformationDebt TypeExistingAmortized Over30Loan Amount$1,660,000Annual Debt Service$97,994Interest Rate4.25%Down Payment$415,000

Downpayment is only $10K through an FHA.... so it is kind of low.

Most recently I saw a potential property that met my criteria but the current rents are extremely low for the area. 

Let's pretend it's a generous 1 yr CD with no early withdrawal penalty.7 year CD: 2% and penalized six months of interest if you pull funds out early.If you pull funds out after exactly 12 months, it's a wash:1 yr CD @ 1 yr: $10k * 1% = $100.7 yr CD @ 1 yr with penalty: $10k * 2% - [$10k * 2% / 2] = $100.After 18 months...1 yr CD @ 1.5 years: $10k * 1% * 1.5 years = $150.7 yr CD @ 1.5 years and penalized six months of interest: $10k * 2% * 1.5 years - [$10k * 2% * 0.5 years] = $200.So there's your low risk / low reward "CD hacking" tip of the day to get rich by earning an extra $50 on $10k after a year and a half.

Is it even possible to make a very low MAO with the cost of flood repairs incorporated (while the owners have insurance money on the way)?