Again you and your broker will know Ohio better than me but from a macro perspective my knee jerk reaction is you should push for 9-10%.Lastly you said the building has sat for a year, major red flag in such a hot market.

These sites have been a hot topic for some for awhile as it appears Nationstar also is an owner in Xome.

Pretty much all of the hot neighborhood in Philly right now are formerly/mostly poor black areas.

I will probably want to refinance at least 80% of that into something fixed at some point to hedge against rates going up.Monthly costs:* debt service = $441 (141,000 *0.0375/12)* insurance = 78 (quote from Geico)* HOA: 860* taxes: $149 (it's $894 each per year)* repairs: $100 (I'm estimating a little less than with an SFR because with a condo I don't worry about the roof, the hot water heater, landscaping, etc.)total: 1628Monthly income: $2660 (1410+1250)Net: 1032Cap rate = 8.7% (1032*12/141000)Things I didn't include: closing costs, vacancy.

There needs to be separation between all of the units for the the three things you mentioned - AC, heat and hot water. 

Neighborhoods get hot , they begin to gentrify. 

You'd be doing well if you could find something even slightly undervalued (which is likely your realistic best case scenario as an outsider coming into a hot sellers market), meaning that it will probably need a little work or updating.Lastly, whether you're able to find something technically below market value at all or not - I'd buy in a stable, desirable area/neighborhood.

In CA hot weather the pool was once a nice feature when water supply was a limit. 

However, the market in my area is very hot, and I haven't been able to find/win anything that works, so I'm looking to expand my strategy which brings me to this question.My family owned a cabin in Newfane for many years but had to sell it a last year.

It was slow, unfulfilling, and left me feeling broke, not like someone who was doing better than 90% of households.