I would ask your realtor about average days on the market for that particular area, price range, and what you are looking at.

In small smaller “slower” lower growth towns outside metro areas, you might see 7% cap rates.In my local market, Greenville SC which is booming but certainly a tertiary market, cap rates are in the 5% range.

The yields have ranged from negative to 50%+. 

I would also add, if you have a range of something (like years or square footage), be sure to go both ways when you limit as well. 

I appreciate your information on the spreads you look for, I was looking for $225K in DC and $175K in NoVa but it wasn't seeming to leave much wiggle room, I was thinking about increasing my target spread but want sure if that was too large a spread, knowing that you look for that range helps tremendously in that I know I'm not crazy looking at those numbers haha.

In short, I'd recommend casting a wide net to increase your funnel of leads right now.

I like entry level fix and flip projects for first time buyer price ranges.

Each panel is 55 “ wide so plenty of coverage with two panels.

"Do you have a Ballpark range you would want"Of course these are just sample questions to get you thinking. 

There are a few homes in the 215k-230k range if that makes you more comfortable, but you usually get what you pay for.The price of your first rental should be what you can afford and fits your investment strategy.