For example, a given market / property class may be at 6% CAP rate, so if you find a property that is 10% CAP rate, that tells you it is either a good deal or distressed.

My top questions would be the area/tenant class; will you hire management; and how are utilities split.

Is it in a high end area where the tenants demand granite/quartz and high end flooring, or is a working class area that is happy with a new coat of paint?

Many OOS investors set themselves up for failure because they don't truly take the time to understand:1) The Class of the NEIGHBORHOOD they are buying in - which is relative to the overall area.2) The Class of the PROPERTY they are buying - which is relative to the overall area.3) The Class of the TENANT POOL the Neighborhood & Property will attract - which is relative to the overall area.4) The Class of the CONTRACTORS that will work on their Property, given the Neighborhood location - which is relative to the overall area.5) The Class of the PROPERTY MANAGEMENT COMPANIES (PMC) that will manage their Property, given the Neighborhood location and the Tenants it will attract - which is relative to the overall area.6) That OOS property Class rankings are usually vastly different than the local market they live in.7) That a Class X NEIGHBORHOOD will have mostly Class X PROPERTIES, which will only attract Class X TENANTS, CONTRACTORS AND PMCs and deliver Class X RESULTS.8) Class A is relatively easy to manage, can even be DIY remote managed from another state.9) Class B usually also okay, but needs more attention from owner and/or PMC10) Class C can be relatively successful with a great PMC (do NOT hire the cheapest!)

Hands down you were one of the top 3 classes I went to at BPCON!

I am not sure what other property classes you are typically investing in, but particularly for me, with experience and exposure in retail and multifamily, I have to remind myself that MF cap rates are the lowest due to extremely low interest rates.  

class of neighborhood?

I diversified by operator, asset class and market and used the cost segregations and bonus depreciation to offset all of the gains from the sale of my active real estate. 

Purchase price: $30,000,000 This is a value add Class B property right in the heart of San Antonio, TX along the 35 corridor.

It's also worth noting that assuming proper tenant screening measures are taken it's going to be the asset type and class that truly determines your tenant base, not your property manager.