But when it comes to fix and flips, you must set aside your own desired and likes and just match the comps.

I'm looking for a multifamily strictly for an investment, and we looked at some pretty awful duplexes for the $250k range, in very blue-collar neighborhoods (although not too far from desirable areas).  

This house is in a desirable neighborhood in Vegas and previously sold in 2006 for $700k.

This house is in a desirable neighborhood and previously sold in 2006 for $700k.

Once I do a few flips, I would like to start to find more desirable rental properties in my immediate area, as well as continue flipping.  

@Rick AlviSince you are posting on this website, and because you mentioned "in a few years I may rent it out", I am assuming that you have a desire to invest in rental property beyond the one that "may" be rented out in the future....

I made a spreadsheet that subtracts my desired cash flow from the NOI to give me a mortgage payment.  

Location: Raytown-adjacent, outside the 435 loop, 73% owner-occupied neighborhood, Raytown schoolsProperty specifics: built 1960, 3/2, 1200sqft, 2 car garage, large lot, quiet streetPlanned renovations: New roof, HVAC, some new electric, finished basement, good cosmetic finishes (hardwood/tile, granite, etc)NUMBERS:Price: $99k (after renovations)Projected rent: $1100/moEstimated monthly expenses: ~$400 (allowing for vacancy, maintenance, taxes, insurance, PM fees)I'd use leverage to purchase, and with the payment factored in I project just under $300/mo cash flow and about 11% COC, Cap rate between 8-8.5% depending on how you crunch the numbers (I'm rounding them for the purposes of this post, but I calculate pretty conservatively).The numbers are decent, and I like that this house is on the higher end of neighborhood normal - it should be a very desirable rental, and attractive to a potential future buyer (though I intend to hold).  

Even though, I had been introduced in real estate through property management in Alabama, there is so much I need and desire to learn about real estate investing.I look forward in "meeting" many of you in the future, and should all go well make grade deals in which all of us Bigger Pocketers may profit in one way or another.

An honest desire to help.