As someone said, there is no substitute for learning from doing, so don't wait for the perfect scenario before getting your feet wet.  

Several of the others in your over $1000 price point have more square footage. 

@Elizabeth LeongYou can analyze investment property using the four square method (Income, expenses, cashflow, and ROI).

For example, I know of a nice little vacant on a corner lot...small house about 1000 square feet. 

@Darin McKinney I completely agree with @Kyle Keller to get your feet wet with mingling and interacting with the processes of being a real estate investor.

I currently have litte capital and stumbled upon the idea of wholesaling real estate as a starting point to get my feet wet, build my network, learn about negotiating and dive in head first.Im looking to connect with other investors either in the area or around the country who would have an interest in speaking with me!

I woke up to find 3 feet of water in my basement yesterday morning.  

I actually bought 1500 square foot 3 bdrm 2 bath homes for $1500 and $3500 and regretted it.

Still quite a newbie before getting my feet wet!

I'm about to put my offer in for a my first real estate investment.In Auburn, WA which is about 40 minutes outside of Seattle,WA Listing price was 330k and dropped $5,000 about every 6 days which is now $315k I'm about to make an offer at 250k comparables in the area have sold $235k to $265kThe tax appraisal is 281kTotal square footage is 4200 and its a duplex 2100 square feet is on the top floor and then in the basement has a family room and unfinished portion.