With value-add, I know I'm getting at least some of my capital out when I'm done and I'll end up with a house that should not need any significant cap-ex for quite a while.I'd do turnkey too if the numbers looked good enough but the reality is in the market where I have boots on the ground you're talking about close to 60k between down payment and closing costs for maybe $200/month in cash flow.

Understand the 50% expense rule especially as it relates to cap ex.

They found that cap-x kept gobbling up revenues and it was a net-0.

I own properties in cleveland and yes one might argue that cap rates are a bit lower than in detroit but the market isn't as overheated and there are plenty of opportunities.

That 4% cap rate on in place financials is a lie.  

There will be multiple markets you can achieve a 7.5% cap rate especially if you're buying with cash.

I'm done buying inflated NNN rents at 6-7% caps. 

Both will come in about -$14-16K annually, have a cap rate of 3.7%. 

I ran the numbers and looks like a good deal (7% cap rate, 5% ROI, and ROI will improve as the years go by).

Loan Costs, Deposits, and Escrows: Origination fees, application fees, third party reports, legal, insurance review, title & escrow, rate caps (floating rate loans), due diligence deposit, rate lock deposit, standard escrows, etc.6.