But, if the cap rate is 9%, the multi unit I'm considering should be worth 277K in a perfect world.  

Hello, I live in a small town in southern Alabama (Greenville) and I have been looking for a while for a real estate investment opportunity, in which I was going to fund the flip by taking a loan out on my 401k, I finally found the perfect house, it's value is 78000.00 the sellers are asking 29000 with a little work it could sell for over a 100k which I can do all the work myself, I have flipped one other property in Houston and did all the work and made 40k.

Property tax are you buying in a state where it is reassessed (CA perfect example)?

HVAC service call for no heat/air or plumber to fix leak or regular grass cutting) and it also assumes there are no capital expenses ever (ex. need to replace water heater or furnace).Looks like there's plenty of a cushion to account for those things, but 35% is if everything runs perfectly forever which isn't going to happen!

@Kyle Scofield That's perfect.  

Sure everyone says they 'want' more money, but the wealthy actively find ways to make or save more money, while the middle class is perfectly content going to work 9-5 so long as they have enough cash left over to have a little fun on the weekend. 

Upen Patel Perfect.

My houses in Strong are perfect for students who go to the U of R. 

I'm thinking it might take a while though as we have a less than perfect credit history (my credit is 630ish and my fiancée's is worse than mine).

Wow I just sold a lot today that would have been perfect for you.