Quote from @John Warren: @Mordechai Chaimovitz cap rates and NOI are commercial real estate terms, and 1-4 units are not really valued in the same way.

@Joshua MiddletonI am very familiar with that street, good friend used to rent Long term on it for about 7 years.  

DO you want to do mid-term rental to traveling nurses?

I'd buy and hold the property long term and use the equity you gain to buy more property.

Knowing your long-term plans can help you build a long-term financing strategy so that you are not just worried about purchase number 4, but also purchases 5 - 20+ (if you plan to continue to invest).I'm an investor and licensed mortgage broker.

In terms of finding a property that "works," I think you are absolutely right, there are probably better markets with more reliable cash flow.

That term is generally used when zoning has change, such that it if the structure were destroyed, it could not be built back. 

It comes down to how each county handles property tax valuation.To put it in generic terms - a title company & lender will base your initial mortgage payment on the property taxes of the previous owner.  

If you can stomach the negative and any repairs for the next 5 years then long term wise it'd be worth it.

So the question is whether your house is a good rental investment long term.