Sounds like you could "afford" to spend a good bit more than that and still have it make sense with disposition comps like the one you shared. 

Not saying that is a dispositive factor.

Cap rates are relevant to the disposition only.

We pair that cashflow with a bunch of refinancing OR dispositions in order to pull the equity out of our SFHs and move it over to a down payment on an apartment.  

It is in the disposition of the note that lay your opportunity and your biggest road block.  

This information is sometimes difficult and time-consuming to uncover.As someone recently pointed out in another note, the online services that are supposed to flag tenants who have been evicted often do not because if a tenant has been through mediation (now required before a court appearance in many states) and came to an agreement, that disposition will not appear on the record as an eviction.

It's worth noting the sellers agent had a terrible disposition. 

From everything from marketing, mindset, talking with sellers, to contractors, city officials, realtors, and the disposition process.

See if you can become a disposition agent for them.

I'm an agent/investor in Nashville and I also do dispositions for a local investment group.