Or, you may be in a target hail prone area and current roof inspects as solid for at least another few years, which hold good chance % of getting hit by hail and thus diminishing your expense ~50% if not more if have right coverage. 

Target cities with job growth or up-and-coming neighborhoods with revitalization projects.

If your targeting a payment of $2300 that means that you need to make at least $4,600 per month gross or $55,200 annual gross.

And what price point your targeting.

Your target audience is renters; they are not homebuyers.

Your target of 6% is in line with the local market for 5 units or more.

Granted, the current value gets you to your target cash-out number of $125,000 which is another option.

And the reinvestment targets are very counterintuitive. 

So a couple of questions:I think I'm targeting  something in the 350-450k range, which means I'm probably looking at a condo. 

Initial returns may be lower compared to flipping, but more stable.Considerations for Both Strategies: Market Research: Thoroughly research your target markets.