I’ll be investing out of state and I’m looking to acquire a turnkey duplex at a cap price of $100K.

Hold on, I have 2021/2022 on the phone for you, they're asking if you are interested in a 100 unit 1960's Vintage Multi-Fam property called  "The UnderWater" at a 3.5% Cap rate....Wait, Blackrock just said "Hold my Beer" and offered all cash at a 3Cap, something about subway tile Backsplash should double NOI in 3 months.perhaps modify "It is never a bad time to invest in real estate." to "at a good price". :) jus playin' It is all based on an individuals ability to invest in real estate in a ethical manner.

Most DSCR lenders will go to 80% on 1-4 units and conventional caps you at 70 for cash out and 75 for limited cash out or purchase.https://singlefamily.fanniemae....All the bestStephanie

So if you still want to pursue most units have a rental control cap.

Cap Ex was relatively high last year due to a water line leak wiped out a good portion of the profits the Cap Ex that year was around 48%of rent since rent was lower.

Without considering insurance, taxes, maintenance, vacancy, or cap-ex you would need to rent the units for ~$3k/month to break even.

For example, some cities have started capping the number of short-term rentals allowed, while certain HOAs impose fees that can significantly cut into your margins.For out-of-state investments, having a trustworthy property management team that understands local laws and has good relationships with HOAs can make all the difference.

I'm capped on time and physical ability to do everything myself though. 

In Chapter 9: The Multifamily Millionaire Model, Turner explains how you can use the cap rate formula to increase your ability to make wealth.

We actually had some cap ex things come up, but I think if you handle them out of the gate then you don’t need to worry for 15-20 years or more.