I've looked at some two flats but the numbers never work.

As I have calculated, home prices corrected for Consumer Price Index inflation nationally were nearly flat for the century ending in 1990.  

I'm leaning toward a flat late fee rate of  5% payable if the tenant does not pay by the 5th of the month. 

Which leaves you with 50k- 14k negative cashflow = profit 36kHowever, there is the risk that the market goes flat or down.

I also have two properties that I owe flat out.

That being said, as a manager I gravitate towards the middle of the road, and the higher end - if I'm going to make a flat 10% whether I'm dealing with the scum of the earth, or the cream of the crop, I'd rather deal with the easygoing CPA paying $2,000($200) at that point, than having a knife pulled on me when I show up for your $500($50) cash payment. 

They all charge a flat fee for doing so.  

@Jay Hinrichs , while I understand that you wouldn't want this from a half-baked buyer like some of the wholesalers, is there anything illegal about filing a declaration of having a contract, that has to be closed by a certain date? 

markets were flat through the middle 90s then started to roar back and by 97 made up the loss and by the peak of dot .com bubble made new highs.. then dot.com bubble hit and you have moderate negative impact on RE values only to come storming back and make new highs going into 08  GFC  but then the values dropped maybe 10% for prime BA RE.. not talking out in the Sac valley or other areas that got hammered with 50% devaluation because of extreme over building by the new home builders. 

And as you point out that could be true with you have a track record  a Deep Rolodex ( you know that thing you put your contacts in)... but as a new investor I think shopping for the deals and spending all that time effort etc without some kind of financial commitments or baking is doing it backwards and can lead to frustration and disappointment.