But I am not sure how realistic that is for me right now!

Knowing this I think I might be able to work a deal with the current homeowner to purchase the home for maybe $190k - best case $185k.My thoughts at the a moment were to consider the following:Pay for a home inspection to understand the true issues and determine if anything else is needed.Consult with a realtor to make sure my $220k sale price is realistic in this area - I think it is based on other comps I have researched.If $220k is real & repairs are ~$10k I would offer homeowner $185kPurchase home, make repairs and decide rent or list.If my numbers are correct and I list it - I could pocket around $10k within a year probably 6 months based on current real estate activity.I need to figure out how to determine what it would get in rent and am not certain how to do that yet.  

What about those cash flow projections ... are they realistic?

But again, depending on how you structure it, you’re likely to end up in between the 1% and 2% rule, but realistically closer to 1%.

Realist is one example that gathers property data in my area.

This way you can offer a realistic (for you and the seller) cash offer, allowing for a counter offer.  

@Russ Scheider I would love to get a more realistic estimate of what rents could be for this suspect house.

It is just not realistic for investors starting today to buy a home in San Jose for over a million dollars.

Wholesaling is realistically the only option for you around here. 

If the cyclical nature of real estate isn't in your game plan you're not realistic in how this works and have way to short of an investment window.