I do not agree with the OP on reasons for cash flow being unpredictable as maintenance, cap ex, vacancy, property tax, insurance, etc should be thoroughly evaluated and covered in the underwriting. 

For example, both of the following are possible: 1) Extreme leverage - an "All-in" bet on appreciation: A syndicator can raise capital for multifamily, take out bridge debt on a low-cap rate property, and then lever up again with preferred equity to effectively give the common equity a 90%+ leverage.

First, the cap rate ain’t great.

This may affect your ability to hit a desired cap rate or monthly cash flow. 

The deal also involves a sale-leaseback condition.I'm trying to understand if a 10% cap rate is considered high for this type of property.

The monthly rent is $1800, so is it correct that I cannot legally charge $250 and would be capped at $180 max per month regardless of how late the rent is? 

You can buy an almost new or brand new single family home here in Arizona for $250-300k, combine taxes and insurance of under $2k per year, rent for $1500-1800, will break even on cash flow with 25-30% down because there is no maintenance or cap ex since it's new (you will have these eventually but rents will increase by the time that happens).

You can get 10% or better net caps based on cash purchases.

% net cap.

Below is my Cap Ex estimate.