What I suspect is that you are one big cap ex expense from being cash negative.  

I estimate 3k for closing, 65 per month for taxes(that came from Zillow), got a quote of 309 per month for insurance, 10% repair and maintenance, 5% for vacancy, and 5% for cap ex.

SIDENOTE:   If your skip trace data set is capped at 3 phone numbers or 5 phone numbers it's a sign you are using an lower quality service.   

My initial criteria is to look for newer built houses to minimize maintenance and upfront cap expenditure on major items like HVAC, Roof, Foundation etc..

At the end of the day you will be lucky to get 3% NET cap, why bother? 

As i said before, I have heard nothing of where your Cap-Ex stands.

If your goal is cash flow to retire early, would you buy an 11% Cap rate deal with current interest rates?

TONS of SFR listings in the Troost corridor heading up to the river and then curving East along independence Ave.But they present many challenges; vacancies  (due to below C market tenant pool), increased maintenance and repair costs (due to below C market), and increased cap ex due to homes in this particular region being older (many century homes).Then, even if at the end of the year it does well from a financial analysis standpoint, you may struggle to find the necessary and diligent and high performing property mgmt necessary to manage said property…so then if you self manage OOS, you will need a strong ‘boots on the ground’ team.many challenges come with these ‘$ sexy’ properties.

To summarize, if you are approached by a syndicator raising money for a multi-family building that meets this multiple offer fact pattern (as is usually the case) who is awarded the contact, they more than likely assumed the most ambitious rent growth, most understated cap ex costs or operating expenses or lastly the cost of equity (your return) is projected to be less than the LP’s the other bidders relied upon.

You will be capped at 65 LTV