I bought a duplex last year in Chattanooga off of the local MLS for 58K and spent about 26K doing a rehab on the property. When I bought it someone had hit a brick wall with a truck and the resulting hole was covered by plywood. It needed all new flooring, windows, painting, HVAC and appliances but I was able to turn it around in about 2 months and get it rented for 775 and 700 for a total monthly rent of 1475.

I was all in at 86K we got it appraised at 95K (which i think is low) the local bank I work with agreed to refi up to 80% of appraised or 90% of cost which ever was less, in this case it meant that I was able to pull back 76K which meant I only left in 10K.  

I am easily cash flowing more than $200 a month per unit.  

Rents are $17,700  with tenants paying their own utilities and total costs are $12,030 including the mortgage payment.

(10% management $1770, 5% vacancy factor $885, maintenance $885, lawn care  $900, 10 % Cap ex $1770, Payments $5820)

This leaves $5670 dollars a year in cash flow for a ridiculous 56.7% cash on cash return!  It wasn't super easy but it also wasn't that hard.  Deals are tight but they exist and this can be done.