@Gabriel Hidalgo what city/state is the property located in?

@Hector Espinosa While cap rates can vary widely from one market/city to another and from one type and class of property to another (and based on the quality of the tenant), I did a quick search on LoopNet for MF properties currently for sale in SD and most "asking prices" suggest cap rates in the 4%-5% range.

@Stefano Grottoli all the $1550 means with CMHA is they will pay up to that amount within Cleveland city limits.

I know Andrew Freed runs one of the biggest ones in Worcestor that draws investors from all over New England (https://www.biggerpockets.com/users/andrewf367#0).

We just bought an easement from the City Of Rochester and they hired an appraiser to give a third party valuation. 

@Frank Newsome the profile you started here on BP yesterday, doesn't show where you are from.So, not sure how you picked those 4 markets, other than they are all in Michigan.We're in the Metro Detroit market, not the other 3.Our website has a map showing all the cities in Macomb, Oakland & Wayne Counties, that make up Metro Detroit. 

Also she is working with us with city ordinances to  see if down the road we can change it from a LTR to a STR.last two- three years my wife and I have been property managing it from across the country using handymen as our boots on the ground and I remodeled the house with contractors inbetween tenants .

Biggest expense I think would be furnaces. 

Just trying to figure out what city or town will be good to invest in planning to live there for a year and then invest in another property and so on.

And yes, biggest risk is letting it sit for 12 months.