A cap rate is essentially a measure of desirability for the market or neighborhood the property is in. 

The small market research I did initially by looking at rental sites seem to show a low amount of options in the 1 bedroom and 1 bath range so unsure if that means that they are desirable or just not many in St.

The motivation of a government agency for example can be based on a public servants wanting of revenge, desire for increased visibility or even political ambition.  

that will continue to hinder your desire to ACCELERATE your investing ambitions.

But it would be wise to listen to what he wants, because you should always want to know what your customers desire.

In reality you should probably start with lower risk properties and go into higher risk ones if/when you feel the desire after you've got your bearings in the biz.

The biggest challenge I found was finding a property in a desirable location for both myself, LTR, and STR as well as a layout that allowed this.

An 1800 sqft home could be a great option again, especially if it’s in a desirable area with good schools.

Projecting the growth and thus desirability and central location near the local market prime drivers is an important consideration.  

If you desire good service and clear communication, definitely take note of their reviews and the way they communicate.