I am forecasting 10% returns if we can land in our desired revenue target. 

As @Joseph Weisenbloom recommends above, you might have to look outside your target area to truly find the right deal if you want to get started right away.

Our target investments are smaller multifam's in the Midwest.

I would suggest targeting a reasonably affordable market and start doing some direct mail.

Jack and Jill homeowner is not your target, but there are tired boomer+ owners looking for cash-flow and concerned about taxable gains.  

@Corey Abrams - another way to find service members and veterans is via Facebook advertising, using their demographics tools to target people who list a military service as their employer.

The cap rate is 10% (you're earning 10% annually on your investment).So, if your target is to buy at a 10-cap: If the NOI is $15k...now the property is worth $150k to you.If the NOI is $7,500....now the property is worth $75k to you.This is essentially how cap rate determines price when using the income approach to value properties.

I want to target around 2 or 3 categories and would like to get other people insight and thoughts.Thanks!

I assume that the more I spend (if targeted properly), the better.. but I was just kind of looking for a roundabout number from those experienced in the field. 

Maybe one in a few hundred, targeted at low income neighborhoods.