Look at any of the top 20 stocks and they either appear expensive or ‘challenged’.

No wonder investors are looking elsewhere for growth and income returns that are sustainable and at cheaper prices.

These four companies certainly aren’t in the top 20, but all appear cheap. Here’s a closer look…

Qantas Airways Limited (ASX: QAN)

Trading on a P/E ratio of 6.6x according to Google Finance, the airline has seen its share price drop from $4.25 to the current level of $3.24. Year-to-date, the share price has plunged more than 20%. That has come after the airline warned that it would have to cut capacity and a recovery in the oil price. The higher oil price means higher costs for the airline – which spends around $4 billion on fuel each year. But is the current price cheap? Certainly looks cheap – although I’m no fan of airlines – at any price.

Cedar Woods Properties Limited (ASX: CWP)

The property developer is currently trading on a P/E of just 8.4x – AND paying a dividend yield of 6.2% – fully franked. Cedar Woods has already told the market that it expects a similar profit in FY2017 as it made in 2016 – so investors can expect a similar dividend next year as well. The good news is that the company is not overloaded with debt, doesn’t develop huge multi-storey apartment buildings – but focuses on community projects such as Williams Landing in Melbourne.

IVE Group Ltd (ASX: IGL)

The printing group and marketing company is the market leader in its sector and counts a number of huge companies as clients. Customers tend to hang around too, with its top 20 customers being with the company for an average of nine years. IVE’s shares currently trade on a P/E of 9.3x – despite strong growth being forecast in the year ahead – and the company expects to pay a dividend yield of nearly 8% – fully franked.

Tamawood Limited (ASX: TWD)

Tamawood is a home builder that has a fantastic track record. An 18% average annual return to shareholders over the past decade is nothing to sneeze at. $10,000 invested in the company in 2006 would now be worth over $52,000. Today the company announced that its September quarter 2016 had seen an adjusted net profit after tax in excess of 20% of the previous year. That’s a good omen for the 2017 financial year, but shares are still trading on a P/E of just 12.6x and paying a dividend yield of 6.3% fully franked.

Forget companies like Qantas as well as these three portfolio killers

After a double-digit rally for the ASX since 2016 lows, investors should be on high alert. You'll find a full rundown below of 3 shares we think you should avoid today plus one top pick worth buying, even if the market turns south and the RBA keeps rates at an "emergency low." Simply click here to uncover these stocks. No credit card required.

HOT OFF THE PRESSES: Motley Fool’s #1 Dividend Pick for 2017!

With its shares up 155% in just the last five years, this ‘under the radar’ consumer favourite is both a hot growth stock AND our expert’s #1 dividend pick for 2017. Now we’re pulling back the curtain for you... And all you have to do to discover the name, code and a full analysis is enter your email below!

Simply enter your email now to receive your copy of our brand-new FREE report, “The Motley Fool’s Top Dividend Stock for 2017.”

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our https://www.fool.com.au/financial-services-guide">Financial Services Guide (FSG) for more information.

Motley Fool writer/analyst Mike King doesn't own shares in any companies mentioned. You can follow Mike on Twitter @TMFKinga

The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.