Is CAP rate, CoC really that important for a new buy, hold/ren

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I am trying to make sure I don't pass on a deal because of it not meeting certain metrics.

Is cash on cash return and CAP rate really important for someone who plans to buy/hold/rent (long term) plain jane, blue color, type properties (SFR/small multifamily) in order to replace w2 job income? It seems to me that cashflow is the most important metric in this case.

I have searched the forum and while there are posts about this, none really fit my question.