Cap rates are going to vary highly dependent on:Asset class type (A, B, C, or D)LocationRecent updates vs deferred maintenanceThe expense ratio is also difficult to answer with a specific range as the property condition and local vacancy rates will better determine expected returns.  

It looks like C or D area

There are good PMs out there for A or B class rentals and completely different good PMs out there for C or D class investments as well as some mentioned above who are adept at section 8 management.

In my market if you have a deal, there will be tons of cash buyers.

I limit myself to C+ or better areas of my town. 

Err on the high side if this is a C- or D-class neighborhood.4.75% interest seems low for a non-owner-occupied property. 

Some people will look at a building and see a dump with a low return on investment while others will see a huge opportunity to renovate and make great money.For this triplex here are some questions to ask yourself:Do I believe in the local economy (this is important as I believe any real estate investment is fundamentally a bet on the local economy)Do I think rents are going to steadily rise over next 5 to 10 years?

I’m looking for a class C+ or above neighborhood to invest in that would give me a 10% return. 3 beds , 2+ bath 2 car garage with a minimum of 1,500 square ft. under 130k.

Have any of you found success investing in rental properties in low-income, Class C or D neighborhoods? 

Especially in this market.Most investors are going to have some equation they use to price residential investment property, for example, I pay 60X gross rents for rent ready properties in C+ or better neighborhoods.