Since you're just starting out, find something with good bones and only needs cosmetic repairs and not much on the skilled trades (electrical, plumbing, foundation repair, etc.) side. 

Here in the Chicago suburbs, I routinely am selling deals that are at 1.2-1.5% price to rent ratio.

Purchase price: $166,000 Cash invested: $30,000 Located in 4 season tourist town, close to ski resorts, shopping and restaurants.Completely restored with new electric, water heater, flooring and tiles.When the home was purchased it was thought to be only cosmetic changes.The electric was spliced in different areas and a new structural beam was needed.

Purchase price: $235,000 Cash invested: $40,000 Sale price: $345,000 Total renovation besides cosmetics added bedroom, new everything interior finishing, resanded portions of hardwood floor and updated areas that were in need, reframed floor plan to more open concept, so much more...

This is a routine part of every purchase and refinance transaction.

Purchase price: $65,000 Cash invested: $124,832 SFH in North FL that needed some foundation work and cosmetic rehab.

.- Damage in excess of normal wear and tear.Source: https://www.thebalancesmb.com/massachusetts-security-deposit-law-2125077 Here's another one:Quote:After a tenant moves out, the landlord may use all or part of the security deposit for the following reasons:- Unpaid rent (unless validly withheld or deducted by the tenant) and, if applicable, water charges- Unpaid increase in real estate taxes (only applicable if the lease contains a valid tax escalation clause)- The cost of repair of damages caused by the tenant, other occupants, or their guests (does not include pre existing damage or routine painting, carpet shampooing, etc. that is performed because of normal “wear and tear.”)Source: https://www.mass.gov/info-details/find-out-what-landlords-can-use-security-deposits-forAnd another:Quote: When you move out, your landlord can use your security deposit to pay for: - Repairs for damage that are not "reasonable wear and tear." - Unpaid rent, unless you legally withheld rent for bad conditions.

Below are some before pictures of the property and as you can tell it was pretty rough shape cosmetically.

I fixed these issues first and as problematic tenants turned over, I did cosmetic improvements to those units that helped to increase rents.

Purchase price: $2,065,000 Cash invested: $500,000 INVESTMENT HIGHLIGHTSFifteen Spacious Two-Bedroom UnitsHigh-Demand Beaverton Submarket –Suburb to Portland, ORSelect Units with Washer/Dryer Hookups, GaragesHeavy Lifting Complete –Upside Through Cosmetic Interior UpgradesDiverse Employment Drivers Include Intel, Nike, Tektronix, Columbia SportswearBuilt in 1980, the Oak Villa Apartments is an apartment community located in Beaverton, OR.