I did a quick google search for cap rates on apts in Muncie and I got a range of 8.13% to 9.50%.

Ideally, I would love to buy a multi-family property and rent it out, I would consider house hacking but I mainly want to my first property to be one that I can improve on and have it generate income for me.

I am searching for the best channel mgt app that supports airbnb, booking.com, direct book (on my site), and VRBO.

Also, the historical data tells me that 3 years of underperformance means that future performance must improve substantially in order to meet the IRR goal for the investment.

If the goal is replacing income, cash will allow you to get a better deal on the buy, cash flow from day one, and you can still set capital aside for improvements/capex. 

That said, the 6.875% rate could be improved.

Hehe, yeah the Prime Day search has been kinda prolific.

This significantly lowers the cost per door and improves your return on investment.Scalability: A three-story walk-up design allows you to maximize your build cost and land use, just like most professional apartment developers do.Control with New Construction: Starting with a new build ensures fewer risks, as you’ll have control over the property’s condition and avoid surprises from existing structures.Pro Tip: If you do go with an existing property, make sure to thoroughly vet the deal to avoid hidden costs and issues.For first-time investors, multifamily new construction is often the best way to scale quickly, reduce costs per unit, and build a sustainable rental portfolio.

@Jaidan Lanier Search "VA loan" in the search bar.

Might be worth doing some soul searching to make sure that is the direction you guys want to go.