Newbie Cash on Cash Question

[Michael Krassos]

Hi all, so I realize there is no standard, markets vary, and risk tolerances vary, but am interested in all your opinions.

New to this and chosen a strategy of Buy and Hold, am looking at properties outside of my home state of NJ for reasons I think you know.

I am risk averse and not looking to lose my hard earned savings anytime soon. I therefore assume expenses will be 50% of income for older properties and 45% on the newer ones - based on what I've read on these forums this is where it ends up over extended periods and my strategy is to hold for a long time. These expenses include Property Management, maintenance reserves at 10%, vacancies at 1 month rent.

Question: what would you suggest for a minimum Cash on Cash, and Cap Rate?

Turn-key providers please refrain from responding as I want to hear from the landlords with no conflicts of interest.