Need advice for a rookie investor (cashflow - states/cities)

[Gokulraj Mohanasundaram]

hello, need advice in picking the right RE market.

downpayment: 40-70K per unit.

goal:cash-flow, decent appreciation & locality. 

looking for about 300-500 cashflow per month per unit. is this doable? what are the states/cities, I should target? what would be the respective price range of the property?.

regarding depreciation tax benefits: 1). can we avail this even if we buy an old (30+ year) property?, if so, how long we can claim the depreciation? 2). is this applicable only to Federal tax or state tax (california) as well?

thanks in advance.