(I've done extensive market research, re-ran my #s multiple times, and just spoke to a friend who lives 30 minutes from the area and she confirmed it's a good area with a strong rental market.) 

Only other advise would be to talk to at least 3 sources that confirm you can raise the rents and how much before you proceed.Also, don't be afraid to raise the rent.

Save up as much money for my down payment as possible, or should I be saving that for cash reserves and hope to use an FHA or VA loan instead of the down payment?  

As someone with limited capital who is looking for a MFR for his/her first purchase, I don't really see how this financing option could be a bad thing; especially if, like me, your focus is on cash flow.If I pick up a MFR on a 5/1 or even 10/1 VA loan, recycle the profits to bulk up reserves and equity then I'm paying less to make my property a more secure investment.

Id say with real estate regardless of what area it is always good to have a back up reserve for unforeseen costs associated with your investments.

There are rent or buy calculators out there that will confirm this. 

You are confirming my instinct that this information is not needed. 

there is a reserve to be held for repairs, in our case between $250-500... i have 1 company that doesn't take pictures during the walk thru, but instead, has a check list they use....  

I order a Municipal Lien Certificate from the city (confirms if taxes are outstanding as well as water, betterments etc) I used to do the title exam myself but the national title company want a third party because they would also have malpractice if anything is missed) I review what they send me and make a judgment as to the marketability of the title or if there are any other issue so the mortgage company is in first place (so I would order pay offs of any current mortgages or judgment liens, etc)Most of the registry of deeds info is available on line so I can double check or do a preliminary search (or anyone can search for that matter) As for getting copies on line, you usually need to be registered and have an account because they do charge by the copy.

Cost Assumptions Purchase Price $285,000.00 Closing Costs at 4% $11,400.00 Total Cost $296,400.00 Mortgage at 30yr/5% Interest /20% down $1,223.95 Monthly Expenses Monthly Rent $4,500.00 Electric $250.00 Water $200.00 Trash $100.00 Vacany Rate 8% $360.00 Maintenance 8% $360.00 Property Manager 10% $450.00 Insurance $300.00 Monthly Property Taxes Due $121.97 Cap Ex Reserve 7% $315.00 Total Monthly Expenses $2,456.97 Less Mortgage Payment $1,223.95 Theoretical Cash Flow $819.08 Cap Rate Cash On Cash 8.6 14.37