@Dustin Williams@Nick Harvey @Ceasar Rosas Dustin,CAPs are pretty low in our area, that's speaking of cash flow ...  

Hers are mostly down in Edmonds, though, with a couple in Cap Hill and one random one all the way down in Longview.

My all in budget in not capped at 50K, however I was hoping to find a property for around that mark, understanding that rehab would be necessary.  

$10,000 NOI at 10,5% cap rate is $95,238.$10,000 NOI at 11% cap rate is ONLY $90,909!

For exit cap rate, how long do you plan on holding your assets for?

I have found Some great single family investments over the years here in Utah (I have 2 with CAP rates over 10% and one with CAP rate 7.5%), I know the deals are harder to find right now, but they are still out there, just takes some patients and some time to find them, and maybe sometimes some creativity. 

So if under that your insurance and the renters insurance would become crucial.Take a look what the cap rate will be.

@Rod JosephYour post states "Mortgage Expense" is that supposed to mean that monthly debt service is $2,600 or is that Mortgage + Insurance + Cap ex + Management + Repairs?

Cap rates and cash on cash returns in Chicago are lowering to the point where I'm considering whether it's even worth it to buy.  

Happy to provide data and reports to determine ROI, cap rate, etc.