You can do the same to estimate rents for a midterm rental by going to the Furnished Finder stats page for your city.

I'm done buying inflated NNN rents at 6-7% caps. 

The BRRRR method (Buy, Rehab, Rent, Refinance, Repeat) could also be a great strategy to recycle your capital.To find deals, try direct mail campaigns targeting absentee owners or distressed properties, or go driving for dollars in neighborhoods with strong rental potential.

Just not sure how often they are getting rented

Property is $6.5M, leased for 20 year corp-guaranteed with a current rent of $450K (10% increase every 5 year).

I’m in Ohio, so I can purchase a property with $40k cash out, invest $10k in repairs, and rent for a couple hundred above the monthly operating costs.

Speaking with the seller's agent, all the tenants are current on rents and pay rents on time.

I recommend renting it as a 4/4 and being clear about the set up. 

But Mathew's comments above have given me pause, as most of my friends in the neighborhood that could afford the rent of a new condo have a car (or two).   

Paint, Plumbing, Roof, Flooring, appliances.B- neighborhood.55,750 down payment + 20k in repairs.  75750 all in.Median rent for the neighborhood is 2k.532 cash flow.I already asked them to drop the price by 15k for us to remain in the deal.