trying to find properties
So recently after reading a lot of threads here I started looking for duplexes and such. I use the 2% rule for how much rent the property should get. When I run the numbers on mortgage etc, I run it off a 20 year note using 8%. I also use the 50% rule on gross rent to find the operating expenses. I apply 70% of the asking price to become the price I would want to offer on the property. Also 10% down payment. I have all this on an excel sheet so all the numbers come up fast and I can just do this on a lot of properties quickly. I look at a site where it has the properties listed, and how much the units are renting for. None of the properties I have crunched the numbers come relatively close any cashflow. Mostly all show negative numbers, if they dont, they show like 10 dollars cashflow a unit. How much of a lowball offer do you have to make to see good numbers? Am I running the numbers correctly, or too conservative? Or do I just need to keep searching until I finally find the right property?
Thanks