Here in WA, the grant (from the bond program) on conventional loans is 3% of the first loan amount...bringing the total required down payment to just over 2.15% typically...which is lower than FHA 3.5%. 

Since you are describing the property as a large single family home, I am concerned you may not be allowed to operate the property as you wish. 

We also operate a property management business and work with other investors to help oversee their projects and stabilize their rental properties. 

MFH helps reduce vacancy expense, and you'll typically have a better ROI.

Turnkey typically means SFH.

A very honest property manager told me that investors who profit from cheap properties buy in volume (not your typical beginning investor) because the good properties offset the losers. 

I know typical rates are 8-10, sometimes I've seen 12%. 

This will work no matter what, but you can get there faster if you can generate equity through remodel, take advantage of market shifts or buy at a discount (next to impossible at the moment due to tight inventory, but that may come back).The other component most new investors underestimate is you have to become an excellent operator.

If you are talking cash on cash returns that is a 90th percentile return, and may mean you are hunting for deals that offer high upside but also have much more risk or speculation that a typical deal.  

I used a high appreciation market (Hawaii) compared to a typical 1% market.