If you want to buy MF in a desirable part of town, you're looking at caps of 4-5%.  

When I first started buying in 2011 the area had outrageous cap rates.

I work with a lot of new investors that set there goal at turnkey rental properties and it is individually for every one , I recommend out of state when prices in your area are like that of cours (im from LA so know what you mean) and I went to FL secondary market for turnkey investment and have over 150 homes there , dig into good areas and try not to leverage a lot , start small and grow with experience look for10 and up cap rates and for SFH that are Rehab . many great cities are on the rise Big hint is the word from the banks about their inventory like where I am now.

. - $185 (10%) Prop Mgmt $185 (10%)And last, Cap Ex. - $278 (15%)Summing all of the above monthly expenses is $1520This is giving a monthly cash flow of $330.

@Reese PhillipsIt sounds like you are making a mistake of capping the home income. 55k sounds like the gross income including the rentals right? 

Many a good ship has gone down there, never to be seen again.One such swerving happened a few days ago as I was listening to BP Podcast 155, which featured Sharad Mehta exchanging jabs and jokes with Brandon and Josh.

Look at how far the cap rates have compressed due to lending rates being at 4-5% what happens to cap rates if interest rates go to .5%?  

If you live there for a year, cap gains taxes go from short term (at your tax bracket) down to long term (15% I believe, but check with a CPA).

I was planning for 20k in renovation so my net cost will be 120 k and I can charge 1200 pm. 10-12% cap rate would be pretty decent

Finding a decent cap rate in south florida is not easy unless it's in a challenged area.