Especially in Dayton, where you'll get that high cash-flow. 

I would find a property that can provide you both.I used to aim for 8% cash on cash return + 4% appreciationGiven where the market is now, it is likely hard to find 8% cash-on cash and a 4% appreciation.I think 4% cash-on cash and 4% appreciation is do-able.

However, I also have ways for them to pay with cash, card, money order, cashiers check, and personal check.

Expect to spend another ~$8K for that.If you are planning to close all-cash and bring enough cash with you for operating expenses and rehab, you are looking at a minimum capital raise of about $3M and that is for a cheap 32 unit.

If maintaining cash flow is your primary objective, you might want to explore other options.

I have enough saved for FHA loan down payment on a duplex up to 500k. 

Before jumping into the condo, I’d take a closer look at whether the $300/month cash flow is worth it compared to other options, like a small multi-family property or a property in a higher-yield market.

If you have cash, you could pay off the underlying loan2.

What you use is what you have to pay back.Cash-Out Refinance Cash-out refinance this gives you cash from the equity you have built up in your home.

Purchase price: $2,000 Cash invested: $60,000 Sale price: $91,000 Bought this one from WCLB with the intention to fix it and sell on market to homeowner.