This conversation has gotten complicated, which may actually be helpful, because investing in RE is more nuanced than at first appears.I would say a quick and dirty answer to this question is that most investors are looking for $100 to $200 per month per door.That leaves a ton unsaid to the point of being almost useless information (or even dangerous), but if I were talking to smart investors I know, we'd all have an understanding of the ancillary particulars.Cash flow is critical to many investors because they need the cash, either to pay for their own living expenses or because they can't afford to carry an investment that has negative cash flow.What others here who are not concerned with cash flow (my @ symbol isn't working here on my phone) are saying about profit and IRR is that they look at investing to grow their net worth.

Places like Cincinnati , Cleveland , Pittsburgh and even Detroit .Many of these cities are investing quite a bit into revitalization of their downtowns .Take a look at what has happened in Over the Rhine in Cincinnati .. it used to be one of Americans most dangerous neighborhoods and now there are tons of loft buildings selling for high amounts and tons of hipster/trendy restaurants and bars there .Once that neighborhood goes away up people usually look to the next neighborhood that is cheaper then that becomes the hip area .At least this is what i have seen happen over the years in Los Angeles .

if its a true danger than you better get it removed. 

Everyone's points about possible large capex expenses needed early on are right on, and yes I can see I should start off with a big cushion to not be in danger of not being able to make mortgage payments.  

Read up on BP about the dangers of investing in low-cost rentals in Class C and D areas.

The benefits of these assets are derived from four distinct components:C= Cash Return  (you may see this called Cash-on-Cash return)A= Appreciation (in linear real estate markets there is slow steady growth of asset value)P=Principal paydown (tenants rent checks pay down the mortgage monthly)T= Tax Benefits  (if your syndicator uses a cost seg study and an accelerated depreciation schedule your returns may be completely offset by K-1 depreciation you will receive for the first 7-8 years...tax free money)Every commercial MF asset is different.

Forgive me if this is in the wrong section but I had a question about a garage I wanted to demo because it it leaning dangerously to the side.  

So, there is a danger of saturation.

Then you have two more distinct regions.

There is a major distinction.