Normally when you hear cap rates this high the expenses are not calculated correctly or certain expenses are omitted (no vacancy loss, no management fee, light on repairs etc). 

DM if I can shed more light on it for you. 

& @Eric Gomez I can shine some light on the Catskills region, more specifically west of Woodstock in areas such Roxbury, Margaretville, Stamford, Jefferson etc (ie Delaware and Schoharie county. 

If you do not like ceiling fan landlord will replace with light fixture. 

Could an experienced s8 investor shed some light?

With a bank statement loan, if you have decent credit (700+) and 10-20% to put down, you can light your tax returns on fire and replace them with 12 or 24 months of bank statements showing your cashflow.

Replaced doors, updated some of the light fixtures, refurbished the kitchen cabinets and countertops.

Tread lightly and make sure you can afford it.

Full new paint, new flooring (vinyl plank vs carpet), new cabinets, countertops, fixtures, sinks, tubs, lighting, basic rental grade appliances, etc.

So by finally hitting that bruising pain point, that means light at end of rate tunnel.