COC 1.28% and then COC after tax: 3.2%. this is a single family home, and even though knowing the cap rate is kinda cool, its a residential home and the value is based on fair market AKA appraisal so cap rate is not warranted. 

I doubt the county would be willing to warrant title. 

“In order to be Fannie Mae warrantable and/or FHA approved, condo complexes must meet certain specifications for the percentage of owner-occupied units, the number of units owned by one individual or company, and the amount of reserves and must be in good condition and free of litigation.”

@Elise Marquette - Will you do 15% down for non-warrantable condos? 

@Mitch Jones, IMO, your concerns are warranted, but your post kinda answers itself. 

I may or may not get a warrant for eviction this time, but meanwhile two of my good tenants have moved out, exasperated by their neighbor, Joe.Sure, my lease states that Joe is financially responsible for my expenses associated with the enforcement of the lease provisions, but good luck with that.In each of these cases, the lease favors the tenants, and limits my rights as the landlord.My month-to-month leases give me the right to terminate the lease for no reason or any reason, including being an "a**."

Luckily a judge heard my case and gave me a warrant of eviction and they should be out at the end of the month.

@Sara Aviv BergerA true cap rate of 10% does not exist in any kind of growth market in the USA.I was on a call with Neal Bawa earlier this week and he said AVERAGE CAP RATE IN THE US is now 5.2%.Cap rates in the top markets like Phoenix Dallas Atlanta Charlotte are in the 3s to low 4s at best.Every investor out there will jump for joy with a true 6% cap rate in a growth market.At the present time, if I can find an asset with a true 5%+ entry cap, I give it strong consideration.I believe a reconsideration of your investment criteria may be warranted

Jon,I think your hesitation to begin the eviction process is warranted and may not produce a quicker/cheaper result.Sometimes it’s best to pave the way for a bad situation to get better.

But if you are only worried about it leaking in the near future, you can buy a home warrant less than $1000 per year.