Our current home was on the market in 2005 for $450k (3Br/1.5Ba ranch, full unfinished basement with Bilco doors, on 3/4 acre next to a golf course), languished & pulled off market before we had a chance to see inside. 

The cash flow is not much, but I do believe the equity will rise and the unit will not suffer from vacancy issues.

Get HML, buy house, rehab, pay the taxes, gain experience.I'd want to use the profit as downpayment on a multiplex with atleast four doors, so having the cash in my bank account isn't necessary.

I am adding walls and doors to make them 3-1's This will raise the rent some.

House ownership is falling and renting is on the rise, with a 2.3% increase in U.S. renters in 2016. 

Some will tell you that you need to be "All In" to make it work which I believe is sound advice if you have no responsibilities and plenty of time to door knock, hold open houses; pretty much put your feet on the street. 

Bought my first rental in 2010, got my real estate license in 2013 and bought a property management company in late 2015This is when my life changed and I became exponentially happier.I don’t punch a time clock and I’ll never go back.Since 2015, we have been hovering at around 115-130 doors that we manage for investors, as well as my personal units.Between last year and now, I have personally acquired an additional 10 doors through bank financing and owner financing.Through partnerships I’ve put together a few deals and have a 17 others (two duplexes, one 12 unit apartment, and one condo) .I love the podcast and this community of investors.Thanks,Dave Fulkerson

Prices are rising in the area but there is still the opportunity for cash flow if deals are chosen carefully. 

You are correct, in the 1st two counties, we are flooded with investors and prices are rising;  Competition is high and it's getting tougher and tougher to get a good deal.

I can't get my foot in the door because of the pit vipers that do this 24/7