That 4% cap rate on in place financials is a lie.  

$1,500-$1,600 is about the going rate for a 2/2 in most average areas of BR, but I can see where some neighborhoods would get more.Another thing to think about - if the property is sitting vacant right now and you have ready and willing (and qualified) tenants, then the opportunity cost of waiting an extra month or two is $1,550/month.

Crime rate is high in this neighborhood.

Also - there are some other ways to gather funds to purchase more properties.

Navy Federal does HELOCs on investment properties…not sure if LLC is OK…and rates are in the 10.75% range for an investment HELOC in March of 2024.  

New-home sales hit a seasonally adjusted annual rate of 698,000.

We're fortunate to have an above-average income and live well below our means.This summer, we’ll be moving to Detroit (PCSing in August), and we’ve saved about $120,000 to invest in addition to having funds set aside for the home we’ll purchase in Detroit.The reason I’m posting is that I’m struggling to decide how to best allocate the $120k.

During the escrow/title process, you are finalizing loan documents, reviewing title documents (HOA disclosures if applicable, title reports, etc), obtaining homeowner's insurance, and preparing to wire your funds to title. 

What is the current interest rate on a private money loan approximately $300Kthanks 

I know of at least two big players in the lending space who have begun asking for a higher rate if you had in a sec 8 / HAP leases.