Realistic purchase criteria in the current market
I would like to get local opinions on whether I may realistically find this in the current market or if I may need to adjust what I’m looking for:
I would like to buy a 2-4 unit property in the Dallas area (Coppell, Carrollton, Farmers Branch, Addison, Richardson, Plano, North Dallas, or Irving north of 114 -or maybe 183). I intend to purchase using a low money down loan for owner occupants (FHA, FHA 203k, Conventional) and to live in one unit. I would like to keep the purchase price under $250k, both for rent ratios and to ensure that even if the property was completely vacant I could cover the mortgage. I am not opposed to doing repairs as long as I am able to roll the cost into the loan (if the repairs needed are beyond basic cosmetics like paint). And the area has to be safe as I am a 27 year old female and don't want to be concerned about the safety of the neighborhood (and would like to attract good tenants).
I don’t anticipate being able to get high enough rents to cover the mortgage completely when I’m living in one unit, but I would like my portion of the mortgage payment to be as low as possible. And the property needs to have positive cash flow if/when I move out down the road (I’m thinking an absolute minimum of $100/door - hopefully more).
I have not started seriously looking yet (I plan to start this fall), but I looked at small multi-families in the cities mentioned above on the MLS over the past few weeks, just to get an idea of what's out there, and haven't seen much that fits my criteria and looks like a good investment in my desired price range. I know we're in a seller's market right now, and I don't anticipate that changing anytime soon so I'm wondering if my criteria are actually realistic. I would ideally be moving in around March 2016 (so I could close as early as January if repairs are needed prior to move in), and I am hoping that prices will drop off a bit once we hit Fall/Winter.
I would love to get others’ thoughts on whether I may need to adjust my criteria or if what I’m looking for seems realistic.
Also, does anyone have recommendations for a realtor in this area who works with investors and knows how to identify a good potential investment? I will have my TX real estate license by the time I’m out seriously looking at properties but would feel better having a second set of eyes/second opinion when purchasing my first investment property.