I've got about 12k in reserves, good credit, and a steady job.

Do a lot of our own rehabs, it's a slow steady process. 

The problem is likely inadequate supply plumbing or some other restriction. 

Will it have an affect of over supply for sfr's? 

First issue is that they are not trained to the level I would require to bet thousands of dollars on, secondly I would never trust the assessment of value supplied by a seller.

My budget/supplies are very limited.

It seems that there is so much demand and so little supply, that rents are going up faster than people realize.

Point is you CAN start and get the ball rolling...here's some idea..Lady i pay who put out signs(i don't do this method anymore) $175-300 for like 50-75 signs she supplied them, wrote them, put them out and took pictures of every one.200-400 letters, stamps are like 50 cents, so that's what, $200Paper, envelopes(i like the colored ones)Bought my daughter some "Frozen" toys to help me put on stamps...$15That's it dude...i mean you can do SEO website stuff too, or pay one of the guys on BP who have postcard services to do it for you, as it gets old QUICK.I now pay a lady from oDesk $4/hr to do my research for my list and mail merge list to Word, so all i gotta do is print, sign, stuff and mail.if you do those #$@&** yellow letters by hand you will hate life.

In fact, a Seller need not even supply or provide said assignments if they are in public record.

Best bet is to have your staging person or cabinet person help with color/supply.