If you do all cash, just make sure that you can refinance it in the not-to-distant future so that you can continue to invest. 

Or a distant rental might call for a local property manager if you can find a good one.Best of luck!

The market and deal come a distant second and third. 

But what to do in a market where you want to grow a portfolio, but rents in are only a fraction of what is needed to even cover the cost of a property, and cashflow is a distant fantasy?  

Establishing your system will be important for when you move into larger or more distant properties and you're needing to oversee professional management.The BRRRR approach is an amazing concept. 

You have a steady job = steady income and you are apparently somewhat willing to deal with the idea of becoming a (distant) landlord.All you now have to do is find a way to make that combination work. :-) Would it be easy?

Choose something close, or look to a distant relative or someone you can trust to partner with. 

Limitations of CAP rates include:they are only meaningful locally - i.e. comparing CAP rates in two different cities - or perhaps two distant neighbourhoods in the same city - is futile;they are only meaningful when comparing like assets - using CAP to compare a 11-unit apartment building and an 11-unit strip mall is dubious;they are meaningless when comparing residential (1-4 unit) properties - You see folks on BP all the time talking smack CAP rates on SFHs and quadraplexes.  

AirBnB type websites aren't going anywhere in the near or distant future.

In not very distant future the down hill ride is not fun for investors.