Myrtle Beach has a lot of oceanfront condos that cashflow nicely in the $125k - $250k price range. 

We're seeing tons of over asking price, cash, as-is offers even up to the mid 200k range. 

At this time most multifamily properties in Socal seem to be out of my price range / down payment, but I could be wrong.

Hampton Roads in general has a lot of inventory in not so desirable areas.

You should have purchasing power-up in the $500-$600k range, some of the western suburbs like Cicero and Berwyn have decent cash flowing multi-units in that price range.Was there a particular reason you were thinking of buying a condo?

The market is starting to weaken and the new foreclosed/evicted inventory  has not yet started to hit market significantly yet.

The rehab estimate sounds a little light for what is required, and is definitely at the top of the hard money range/70% rule range.

As for section 8 they only pay over the top in areas with limited inventory available and high demand.

House hacking a multifamily seems like a great idea, but in the Boston area, with the 5% I can put down, I'm concerned about cash flow once I move out, not even mentioning the lack of inventory right now.

Since these properties in my targeted area can be found in the 50-70k range I plan to buy outright for my first property.