The next closest comparable is 8 miles away and in a very different demographic/price range of properties (properties are significantly more expensive). 

I've been looking at houses in the 150K-180K price range and the numbers look like the average rent for the area the house are in would cover all the expensive and possible cash flow too.

Prices are within the range from the market survey I have done for rentals in the area.

While there is some truth to that, I've found (as a Class C investor) that there are good tenants in every price range. 

Why not ask the callers, 'What is your price range?'

@Quincy Hall that seems like a good investment situation to be in, especially if the cost estimates are within range of the actual costs. 

@Carl Mayer Unfortunately, northern Colorado is not immune from the issues facing the entire front range and that is an influx of people and not enough places for them to buy.

The average rent for 2/1 is somewhere in the mid $600 - $900 range.

When I talk to a realtor about my requirements, price range, size, year, etc.

Either or works Well just use this as a simple example 24 Unit apartment Complex ( B-  or C +  type  property Purchase Price - 1,920,000 ( $80k Per Unit ) may be low in this market Down payment - 25% = $480,000 Rehab - $ 6,500 per Unit ( some units  more than others ) = $ 156,000Common Rehab - Water Heater , laundry room if it has one , Paint of building , landscaping , windows , parking lot  , roof ( 10k - 70k ) This ranges a lot depending on the property Closing cost - 20-30k tax - 7,000 / year insurance - 12,000 ( wind n hail , general , fire  ) / per year Property Management ( 10 % ) = 2,160 / per month vacancy - 10 % = $ 2,160 per month Cap X ( fridge , window , curtains , doors , paint , roof , pavement ) - 1,080 / per month Landscaping - $ 800 per month simple repairs - $ 500 -900 per month common area electric - $ 300 per month Mortgage $ 7,500 ( 30 year amortization  , 4.75 % rate  ) Income - $900 per unit = $21,600 , this varies based on area .