So the box Vinyl Village type homes is the current build (mixed in with townhomes, duplexes, quads).Now back to your 10% Cap rate this is why most international folks are going to get burnt, and other folks will as well.

They can provide with caps you need or have other talents that complement you.  

Net cap rate at 9.5% to 11%.

The Pro-Formas show a 12 cap rate On that one.  

Having an $800/month nut (not including taxes, insurance, property management fees, cap ex, repairs, and vacancy rate leaves you no room to even cash flow.

.$68,400 * .5 = $34,200 / 10 CAP = $342,000 + the wholesale value of the homesPersonally, I think you should tie this thing up before someone else does.  

Account ClosedI guess by trickier I mean the prices are higher, and those great CoC returns/Cap Rates you see in other parts of the country are seemingly harder to come by, ie I'm probably not going to just see too many great deals pop up on the MLS.

So would you figure in those cost would you or are you looking directly at cap rate for those properties.

It's a great place but the cap rates are low. 

Both real numbers for income and expenses and also comparables to come up with a suitable cap rate are tough to get.