It worked for me because I had a tiny bit of money saved, I wasn't allowed to live with my parents anymore, and I had the 2 years of w2 proof.

You already posted this scenario.. while it can happen you will have to hunt for it.like all things real estate returns price for risk.. rare is there high cash flow AND appreciation.. and tiny appreciation like 3% a year might look good but its not real.. you buy a rental that will make 12% under your scenario you need to find a 50k house that rents for 900 type thing .. which you can find.. so 3% appreciation it goes up a whopping 1,500 a year.. but in reality it stays at the same value.. since the next investor wants to make the same money you are.. only way values increase substantially is rents go way up.. and in cash flow markets rents ( which is a good thing) are generally very stable with not a lot of movement up or DOWN.But for your exercise check out small little towns in PA  and outside of Pittsburg and up towards Erie.. you will get the cash flow i bet.. appreciation only on paper not in reality.

Search "Tiny Homes" on meetup and there's a couple of good local groups.

And if risk is the biggest consideration then you'll be wanting to focus on quality of tenant more than quantity of tenant.  

If we're going on that definition, then all of my houses are mid-range (except one teeny-tiny 1 bedroom that used to be a garage) and many of my apartments are also mid-range.

Then they get on a forum and post something that gives them a tiny dopamine bump.  

Janine Crumb If your strategy allows you to clear $800/door when others are clearing $100-200/door, then the quality more than makes up for quantity.

I grew up in the Bay Area and was going to move home to do sales and get a tiny 1 bd studio with my girlfriend.

I am amazed by the quantity and quality of feedback I've received on this question.

If you combine the above with a tiny price drop I would expect it to sell.