That $21k NOI divided by the asking price gets to the posted 7.64 cap.For listed expenses, the total operating expenses ($8,965) only reflects the 2 entered numbers, HOA ($7,800) and property taxes ($1,165).

Cash on Cash Return - 10.19%Thanks in advance for your thoughts - RobertReturn (IRR):11.73% per yearTotal Profit when Sold:$217,855.15Cash on Cash Return:660.17%Capitalization Rate:7.69%Total Rental Income:$471,420.00Total Mortgage Payments:$245,284.85Total Expenses:$125,280.00Total Net Operating Income:$346,140.00 First Year Income and ExpenseMonthlyAnnualIncome:$1,350.00$16,200.00Mortgage Pay:$681.35$8,176.16Vacancy (3%):$40.50$486.00Property Tax:$102.17$1,226.00Total Insurance:$62.50$750.00HOA Fee:$166.67$2,000.00Maintenance Cost:$16.67$200.00Cash Flow:$280.15$3,361.84Net Operating Income (NOI):$961.50$11,538.00

Here' how I would do it with $100K using a BRRRR Strategybuy a 4 Plex for we will say 250K / 20% down = $50K DPPut $20K into renovations, it helps if you can do some or most of the work yourself (Sweat Equity) Rent out three of the units and house hack by staying in the 4th unit so essentially you would have $0 living expenses if done properly.Get the property appraised after making the renos, we will say it gets reappraised at 325K.Refinance for 75% of the new appraised value (325K*0.75)= $243,750KPay back the original mortgage of $200K You end up spending $50K DP + $20K Renos = $70k to get the property and you'd get back $243,750K - $200K (original mortgage) tax free back plus $81,250 in equity in the home that is tax free as well since you'd be getting refinanced at 75% of the total mortgage you'd receive the remaining 25% equity in the newly appraised value of the home ($325K *0.25) = $81,250 in Equity plus $43,750 in cash. 

Pretty rare to find anything that meets the 1% rule, even for multifamily around Portland. duplex and tri's are showing total rents around 3,600 a month, sales price 500k. so just over .5%.

One, since you brought it up, is the ability to find properties cheap enough (which requires a big skill in either negotiating or identifying deals others don't notice) that you can put the money into the rehab and your margins and the total price to the investor not be more than what it can appraise for.

Whichever provider you consider, just be sure to consider the total delay in receiving your funds.

So not a total newbie, but newish.One of the things I found very surprising is how horrible and selfish some people can be. 

With a HELOC you only pay on the money you are actually using not the total credit line.For example if you have a HELOC for $100k and only use $20k of it you then you only pay on the $20k borrowed.Whereas with a mortgage if you refinance for the $100k you are paying on that entire amount from day one.Also as you've already pointed out you can typically get better rates with a HELOC.

He said he was unwilling to move to some place by himself for a year (and we live in the Bay Area and everything around here is totally out of our range). 

Total $370,000 I put the properties under contract gave them an offer -10k each property total of $340,000 but the buyer.