If you believe inflation is on the horizon like others, I think it would be beneficial to get a few BRRRs under your belt at low interest rates and then ride the inflation to increase rents over time.

What are your goals with real estate and what's your investment time horizon? 

It speaks volumes on what they see on the horizon!

I was using the same $100/door criteria for vetting deals but have recently shifted how I'm evaluating deals and started to look at a longer return horizon since the market is so competitive currently.

From the sounds of it you are looking to acquire high quality real estate with conservative or no leverage with a long time horizon.

Generally embedded with some variation of a PPP, so consider your time horizon and exit strategy. 

To answer in reverse order, over supply is not on the horizon.  

FL, NY, MD, CA, VA, NJ, Horizon Bank, Kalamazoo MIHuntington MI 75% LTV 5 yr IO product available.

This is difficult when you get started, because you are looking for validation - I remember how skeptical I was when I bought my first duplex almost 15 years ago and my horizon for anything was maybe 3 months. 

What is that debt and at what interest rates and duration.Does he have some specific goal or objective for this money, what is time horizon he wants to invest it?