I agree that cap rate would yield a lower price than even $450K. 

when underwriting a property a good rule of thumb would be to set aside ~5% gross income for each Cap Ex, maintenance, and vacancy. (15% total)I dont know much of the market in TX but in central MA i work with a lot of investors that are interested in acquiring multi family properties so that's mostly what i deal in. 

Rent increase over the rental cap per 12 months (10%)4.

My first thought was sell to lock in your tax free cap gain.

Of course there are plenty of turn key providers that suggest folks buy in the roughest areas no crime in that but 15 to 20% caps which is what he spouts constantly with no acknowledgement that he is really selling these properties ..

Once you have experience and learn to budget for occasional big ticket cap ex items that every house has whether it’s 100k or 1M, it becomes really hard to make any profit.

In the Bay Area, most HOAs actively restrict less-than 30 days rentals in CC&Rs, and can have % rental caps on units which may make MTRs difficult. 

Figure out what you save on cap gain taxes on $200K. 

Depending on the rehab budget, you would be looking at up to 90% of the purchase price, 100% of the rehab, capped at 75% ARV. 

There are some serious housing perks with my new job offer: 1) $150K in a 0% interest forgivable loan for downpayment (10% forgiven each year 2) a special home loan program that is currently lending at an interest rate of 4.1%. 3) Can join a waitlist for on-campus faculty housing that is sold for at 50-75% of the fair market value consequently when you sell you are capped at how much you can sell for; waitlist for these homes is approximately 7-10 years and you can stay there until you die).