If rents are under market, consider small increases or exploring additional ways to optimize your cash flow, such as taking on another roommate.Refinancing is also worth exploring in the future.

I'm looking to add another 3K in cash flow, hoping to do it with a smaller apartment building if I find the right one. 

If you have savings, you can still utilize the VA and put more down and that will increase your cash flow in the short and long-term.

If cash flow is your main driver, not sure how well the Madison, WI market would stack up. 

Quote from @Angelo Llamas: I’m doing medium term rentals and I’m breaking even cash flow wise.

It can be done, but don't assume "they will cash flow nicely".

I’m likely staring at negative cash flow net of that high rate, or at best breakeven.

My opinion-- buy in the winter, underwrite with an extra long vacancy, get some seller concessions to defeat the cash flow if it's really that tight.

Areas like Aurora, Arvada, and parts of Lakewood or Westminster can be good places to look, depending on your budget and target tenant.If you’re looking for a base hit rather than a home run, focus on finding a property where the numbers work reasonably well as-is—cash flow might not be huge initially, but if you’ve got room to add value and refinance, you’ll build equity to reinvest.

Some of my clients love the cash flow in the east side neighborhoods over by Slavic Village and Broadway selling between 90-110k with rents up to $1,800+, but just really depends on the types of neighborhoods you're investing in and your risk / reward threshold.