I have 2 condos with low HOA monthlys.

We do not like the low income to moderate income areas regardless of cap rate as they tend to have less expendable income in an economic downturn and are hit hardest the most.   

My ideal criteria includes: 1,200 - 1,500 sqft, 3 bed, 2 bath, garage (contingent on elevation), and bullet proof.I have seen some listings for somewhat odd and overgrown parcels of land selling low where the numbers might work quite well.

You Paid ALL CASH so your ROI is low.

I’m a relatively new investor and looking to the BP community (which is great) to help me navigate my most recent lesson and potential actions.Let me explain.Just over a month ago I bought my second rental property, a duplex in a nice part of town.The property lacked general maintenance and was one of the reason’s I was interested in the property in hopes to force some equity.

I pay the property taxes, and tenants take care of maintenance, insurance for their trailers, and all the utility bills. 

Now that you have 20% equity when you refinance the PMI will drop off you also can lock in a low interest rate that is not available to you if it's a rental vs occupied home.

Because adding in a modest 5% buffer for vacancy, the 10% for your property management, and maybe only 8% for maintenance.5% Vacancy: $1800 annually    /   -$150 monthly       10%  PM: $3600 annually         /   -$300 monthly8% Maint.: $2880 annually        /  -$240 monthlyMortgage, taxes, and ins

The property is going to need some aesthetic repairs in order to increase value.After reading the Bigger Pockets "The Book on Investing in Real Estate With No and Low Money Down" this seemed like a good strategy to get me going.

The reason for the low price points and high cash flow on paper is because they are riskier investments than buying in a nice area.