Industrial in Minneapolis and Chicago seems like 8% or so, by the time I adjust for location and uniqueness I\m in the 10 to 11% range. 

A lot depends on whether this is ingrained behavior or just an adjustment to apartment living.

We can always cash-out refinance in the future, but will probably only do that for our primary residence (which is on schedule to be paid off in ~10 years).Without looking at your numbers, it sounds like you still need even more cash flow, either (a) through refinancing - such as your current plan to refinance  combined with buying more properties, or (b) you need to adjust your current living standard.

We refer interested analysts to the Statement of Cash Flows for the relevant accounting adjustments. 

Most don't require any power other than the push of a finger on a manual keypad!

Build it on excel is the best bet... you can adjust it for use in the future

If you do make offers based on that limited info, do you adjust your offer if, after looking at more detailed info like p&l and tax returns, the numbers are worse than anticipated?

I certainly understand your mindset, however I would go with the 2nd rental property rather than paying off the mortgage right away.You might initially have less cash flow, but rental income should increase while your mortgage payment should only be decreasing (assuming you don't have an adjustable rate mortgage).I also like the idea of having more than 1 rental property because, if each property is cash flowing like they should be, you have more of a financial cushion during periods in which one property is vacant.

But knowing know (Thanks Dave) what I didn't know then, I will most definitely be adjusting my strategy going forward.

Expectations need to be adjusted for what this market offers.